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3220 Ivy Creek Road Gastonia, NC 28056

4 Beds 3 Baths 2,243 sqft Built 1990

$323,000

List Price

$1,670

$1.5K - $1.8K

Rent Est.

PROPERTY INFO

January 10, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1990
  • Price/Sqft : $144.00
  • 2 Days on Market
  • MLS # : 3697186
  • Updated Date : 01/09/2021 at 20:07
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,243 sqft
  • Baths : 2 full , 1 half
Listing Agent

Opendoor Brokerage Llc

Listing Agent's Description

This Gastonia two-story corner home offers a two-car garage. This home is vacant and cleaned regularly.

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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: 28056

ZipNIR Market*CityMarket2010Year2000201990k100k110k120k130k140k150k160k170k180k190k200k210kPrice in $81k213k

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

Zip Code: 28056

ZipNIR Market*CityMarket2010Year20002019 Q270080090010001100120013001400Rent in $6901460

* 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
Robinson Elementary School Primary Regular 362 22 6
Cramerton Middle School Middle Regular 833 42 8
Forestview High School High Regular 1,143 63 7

Robinson Elementary School

  • Education Level: Primary
  • # of students: 362
  • # of teachers: 22
6
GreatSchools Rating

Cramerton Middle School

  • Education Level: Middle
  • # of students: 833
  • # of teachers: 42
8
GreatSchools Rating

Forestview High School

  • Education Level: High
  • # of students: 1,143
  • # of teachers: 63
7
GreatSchools Rating
 

$290,700$355,300$323,000

PURCHASE PRICE

$1,503$1,837$1,670

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,670
EXPENSES Loan Payment -$1,122
Property Tax -$268
Property Insurance -$69
Property Management Fees -$119
CASH FLOW
$92

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 15% of earned rent to cover both maintenance and periods of vacancy.

$323,000

PROJECTED PRICE

$1,670

PROJECTED RENT

0.52%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.98%
Appreciation Year (1-5) 4.6%
Maintenance Year (1-5) 8.00%
Vacancy 6.57%
Length of Stay Years 2

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$200k$400k$600k$800k$1.0M

PROJECTED ANNUAL CASH FLOW

11530-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k$14k$16k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$100k$200k$300k$400k$500k$600k$700k$800k$900k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$91,345

INVESTMENT

$91,345

Down Payment
$80,750
Rehab Estimate
$5,750
Closing Costs
$4,845

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 45% down payment or higher enables the proceeds from the asset to cover all costs.

$1,122

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $80,750
Loan Amount $242,250
See What Happens When You Reinvest Cash Flow

6.5

YEARS SAVED

$24,840

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,670

    LIST RENT
  • $0.74

    LIST RENT PER SQFT
  • $1,637

    COMP ESTIMATED VALUE
  • $0.73

    COMP AVG. RENT PER SQFT
Comps Range
$1,349
1$1,3492$1,4853$1,5504$1,6705$1,725
$1,725
RENT COMPS ANALYSIS
  • 3220 Ivy Creek Road Gastonia, NC 4
    • 4 beds 3 baths ∙ 2,243 Sqft ∙ Built 1990 4 beds 3 baths ∙ 2,243 Sqft ∙ Built 1990
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,670
    • $0.74
    •  
  • 1013 Willow Wind Drive Gastonia, NC 1
    • 3 beds 3 baths ∙ 1,947 Sqft ∙ Built 2008 3 beds 3 baths ∙ 1,947 Sqft ∙ Built 2008
    property image
    LEASED 03/25/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,349
    • $0.69
    •  
  • 1027 Black Oak Drive Gastonia, NC 2
    • 3 beds 3 baths ∙ 1,971 Sqft ∙ Built 2009 3 beds 3 baths ∙ 1,971 Sqft ∙ Built 2009
    property image
    LEASED 10/29/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,485
    • $0.75
    •  
  • 1011 Bent Branch Street Gastonia, NC 3
    • 4 beds 3 baths ∙ 2,160 Sqft ∙ Built 2007 4 beds 3 baths ∙ 2,160 Sqft ∙ Built 2007
    property image
    LEASED 10/07/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,550
    • $0.72
    •  
  • 1516 Plantation Trail Gastonia, NC 5
    • 4 beds 3 baths ∙ 2,266 Sqft ∙ Built 1993 4 beds 3 baths ∙ 2,266 Sqft ∙ Built 1993
    property image
    LEASED 08/14/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,725
    • $0.76
    •  
PROPERTY LISTING DETAILS
Verria Hairston
1.704.751.0133
Opendoor Brokerage Llc
BESbswy