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2917 Long Avenue Gastonia, NC 28054

3 Beds 1 Baths 1,140 sqft Built 1948

INVESTimate

$130,000

List Price

$950

$855 - $1,045

Rent Est.

$137,735  ( +5.95%)   1 YR EST. FORECAST

PROPERTY INFO

80% chance this property will be sold within the next 20 days HOT INVESTMENT
August 22, 2020 RECENTLY ADDED
FACTS
  • Built In 1948
  • Price/Sqft : $114.04
  • 5 Days on Market
  • MLS # : 3654617
  • Updated Date : 08/24/2020 at 14:34
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,140 sqft
  • Baths : 1 full
Listing Agent

Carolina Alpine Property Management Llc

Listing Agent's Description

Beautiful 3 bed 2 bath in Gastonia! . Convenient location of Gastonia, in the heart of Ranlo, with quick drive to I-85 Cox Rd interchange. Very convenient to shops, restaurants and Hospital/medical facilities. Tenant Occupied. 24 hour notice must be given to the tenant.

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MARKET HIGHLIGHTS

  • 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)
  • 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)

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
 

$117,000$143,000$130,000

PURCHASE PRICE

$855$1,045$950

RENT

DOWN PAYMENT
FINANCING

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

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $950
EXPENSES Loan Payment -$480
Property Tax -$100
Property Insurance -$49
Property Management Fees -$86
CASH FLOW
$236

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.

$130,000

PROJECTED PRICE

$950

PROJECTED RENT

0.73%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.94%
Appreciation Year (1-5) 5.95%
Maintenance Year (1-5) 8.00%
Vacancy 6.02%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$40,200

INVESTMENT

$40,200

Down Payment
$32,500
Rehab Estimate
$5,750
Closing Costs
$1,950

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 20% down payment or higher enables the proceeds from the asset to cover all costs.

$480

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $32,500
Loan Amount $97,500
See What Happens When You Reinvest Cash Flow

12.92

YEARS SAVED

$31,623

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $950

    LIST RENT
  • $0.83

    LIST RENT PER SQFT
  • $1,063

    COMP ESTIMATED VALUE
  • $0.93

    COMP AVG. RENT PER SQFT
Comps Range
$950
1$9502$1,1503$1,1754$1,2755$1,325
$1,325
RENT COMPS ANALYSIS
  • 2917 Long Avenue Gastonia, NC 1
    • 3 beds 1 baths ∙ 1,140 Sqft ∙ Built 1948 3 beds 1 baths ∙ 1,140 Sqft ∙ Built 1948
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $950
    • $0.83
    •  
  • 3003 Lowell Road Gastonia, NC 2
    • 4 beds 2 baths ∙ 1,320 Sqft ∙ Built 1940 4 beds 2 baths ∙ 1,320 Sqft ∙ Built 1940
    property image
    LEASED 09/26/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,150
    • $0.87
    •  
  • 2865 Ebony Avenue Gastonia, NC 3
    • 3 beds 3 baths ∙ 1,200 Sqft ∙ Built 1955 3 beds 3 baths ∙ 1,200 Sqft ∙ Built 1955
    property image
    LEASED 01/31/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,175
    • $0.98
    •  
  • 311 Rhyne Circle Gastonia, NC 4
    • 3 beds 1 baths ∙ 1,330 Sqft ∙ Built 1957 3 beds 1 baths ∙ 1,330 Sqft ∙ Built 1957
    property image
    LEASED 04/17/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,275
    • $0.96
    •  
  • 824 Joselynn Drive Gastonia, NC 5
    • 3 beds 3 baths ∙ 1,441 Sqft ∙ Built 2018 3 beds 3 baths ∙ 1,441 Sqft ∙ Built 2018
    property image
    LEASED 05/31/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,325
    • $0.92
    •  
PROPERTY LISTING DETAILS
Terell Culpepper
1.704.807.1414
Carolina Alpine Property Management Llc
BESbswy