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2715 Monterey Park Drive Gastonia, NC 28054

3 Beds 2 Baths 992 sqft Built 1957

$138,900

List Price

$960

$864 - $1.1K

Rent Est.

PROPERTY INFO

80% chance this property will be sold within the next 20 days HOT INVESTMENT
FACTS
  • Built In 1957
  • Price/Sqft : $140.02
  • 16 Days on Market
  • MLS # : 3671566
  • Updated Date : 11/02/2020 at 00:05
CONSTRUCTION
  • Beds : 3
  • Floor Size : 992 sqft
  • Baths : 1 full , 1 half
Listing Agent

Moss Realty

Listing Agent's Description

Don’t miss this one! Adorable well maintained 3 bedroom 1.5 bath ranch home. Many updates. Fresh paint. Beautiful bright and cheery kitchen with granite countertops and gorgeous backsplash. Rocking chair front porch with nice breeze from outdoor ceiling fan. Large storage building connected to electric. Beautiful back deck. Carport. Separate electric hook up now being used for a camper. Nice quiet established neighborhood. Convenient location. Close to the local hospital, shopping, and restaurants. Will be available for showings November 2nd.

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MARKET HIGHLIGHTS

  • Charlotte metro's economy is worth $181 billion in Gross Metro Product and projected to grow to $192 billion in 2019 (USMayors.org, 2018)
  • #1 Millenial Moving destination city (Smart Asset)
  • Corporate Fortune 500 headquarters: Bank of America, Lowe’s, Duke Energy, Nucor, Family Dollar Stores, Sonic Automotive, Domtar
  • #3 fastest-growing big city in US with more than 15,000 people added in 2017 (US Census, 2018)
  • Charlotte metro has 65.8% labor force participation rate higher than the national rate 62.8% (USMayors.org, 2018)
  • Charlotte attracted more than $325 million in capital investments in 2018Q2 (Meckelenburg county, June 2018)

PRICE & RENT TRENDS

Zip Code: 28054

ZipNIR Market*CityMarket2010Year2000201980k90k100k110k120k130k140k150k160k170k180k190k200k210kPrice in $74k213k

* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR

Zip Code: 28054

ZipNIR Market*CityMarket2010Year20002019 Q270075080085090095010001050110011501200125013001350Rent in $6771375

* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR

SCHOOLS

NAME EDUCATIONAL LEVEL SCHOOL TYPE # OF STUDENTS # OF TEACHERS GREATSCHOOLS RATING
Brookside Elementary School Primary Regular 551 34 4
Holbrook Middle School Middle Regular 731 40 6
North Gaston High School High Regular 1,095 60 3

Brookside Elementary School

  • Education Level: Primary
  • # of students: 551
  • # of teachers: 34
4
GreatSchools Rating

Holbrook Middle School

  • Education Level: Middle
  • # of students: 731
  • # of teachers: 40
6
GreatSchools Rating

North Gaston High School

  • Education Level: High
  • # of students: 1,095
  • # of teachers: 60
3
GreatSchools Rating
 

$125,010$152,790$138,900

PURCHASE PRICE

$864$1,056$960

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $960
EXPENSES Loan Payment -$512
Property Tax -$107
Property Insurance -$46
Property Management Fees -$86
CASH FLOW
$208

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 14% of earned rent to cover both maintenance and periods of vacancy.

$138,900

PROJECTED PRICE

$960

PROJECTED RENT

0.69%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.94%
Appreciation Year (1-5) 6.0%
Maintenance Year (1-5) 8.00%
Vacancy 6.02%
Length of Stay Years 2

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$100k$200k$300k$400k$500k

PROJECTED ANNUAL CASH FLOW

11530$0.0$2.0k$4.0k$6.0k$8.0k$10k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$50k$100k$150k$200k$250k$300k$350k$400k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$42,559

INVESTMENT

$42,559

Down Payment
$34,725
Rehab Estimate
$5,750
Closing Costs
$2,084

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 25% down payment or higher enables the proceeds from the asset to cover all costs.

$512

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $34,725
Loan Amount $104,175
See What Happens When You Reinvest Cash Flow

11.67

YEARS SAVED

$29,749

INTEREST SAVED

CASH FLOW REINVESTMENT

The time & interest saved by applying each month's positive cash flow towards loan principal pay down.

  • $960

    LIST RENT
  • $0.97

    LIST RENT PER SQFT
  • $960

    COMP ESTIMATED VALUE
  • $0.97

    COMP AVG. RENT PER SQFT
Comps Range
$850
1$8502$9253$9604$9955$1,050
$1,050
RENT COMPS ANALYSIS
  • 2715 Monterey Park Drive Gastonia, NC 3
    • 3 beds 2 baths ∙ 992 Sqft ∙ Built 1957 3 beds 2 baths ∙ 992 Sqft ∙ Built 1957
    • Rent
    • Rent Per SQFT
    •  
    • $960
    • $0.97
    •  
  • 516 E Robinson Street Dallas, NC 1
    • 3 beds 2 baths ∙ 850 Sqft ∙ Built 3 beds 2 baths ∙ 850 Sqft ∙ Built
    LEASED 06/18/20
    • Rent
    • Rent Per SQFT
    •  
    • $850
    • $1.00
    •  
  • 1912 Hemlock Avenue Gastonia, NC 2
    • 3 beds 1 baths ∙ 1,064 Sqft ∙ Built 1925 3 beds 1 baths ∙ 1,064 Sqft ∙ Built 1925
    LEASED 05/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $925
    • $0.87
    •  
  • 2111 E Propst Street Gastonia, NC 4
    • 3 beds 1 baths ∙ 993 Sqft ∙ Built 1925 3 beds 1 baths ∙ 993 Sqft ∙ Built 1925
    LEASED 05/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $995
    • $1.00
    •  
  • 402 Holly Street Dallas, NC 5
    • 3 beds 2 baths ∙ 1,046 Sqft ∙ Built 1975 3 beds 2 baths ∙ 1,046 Sqft ∙ Built 1975
    LEASED 11/13/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,050
    • $1.00
    •  
PROPERTY LISTING DETAILS
Tricia Carpenter
1.704.830.4646
Moss Realty
BESbswy