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3733 Wingfield Drive Gastonia, NC 28056

3 Beds 3 Baths 2,680 sqft Built 2004

$298,000

List Price

$1,760

$1.6K - $1.9K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
February 19, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2004
  • Price/Sqft : $111.19
  • 3 Days on Market
  • MLS # : 3710375
  • Updated Date : 02/19/2021 at 18:39
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,680 sqft
  • Baths : 2 full , 1 half
Listing Agent

Opendoor Brokerage Llc

Listing Agent's Description

This Gastonia one-story home offers a patio, and a two-car garage. This home is vacant and cleaned regularly. This home has been virtually staged to illustrate its potential.

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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

Neighborhood: Catawba Hills

NeighborhoodNIR Market*CityMarket2010Year2000201990k100k110k120k130k140k150k160k170k180k190k200k210k220kPrice in $81k224k

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

Neighborhood: Catawba Hills

NeighborhoodNIR Market*CityMarket2010Year20002019 Q27008009001000110012001300140015001600Rent in $6901646

* 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
New Hope Elementary School Primary Regular 542 27 7
Cramerton Middle School Middle Regular 833 42 8
Forestview High School High Regular 1,143 63 7

New Hope Elementary School

  • Education Level: Primary
  • # of students: 542
  • # of teachers: 27
7
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
 

$268,200$327,800$298,000

PURCHASE PRICE

$1,584$1,936$1,760

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,760
EXPENSES Loan Payment -$1,035
Property Tax -$247
Property Insurance -$78
HOA -$55
Property Management Fees -$119
CASH FLOW
$226

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.

$298,000

PROJECTED PRICE

$1,760

PROJECTED RENT

0.59%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.98%
Appreciation Year (1-5) 6.6%
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$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k$14k$16k$18k

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$84,720

INVESTMENT

$84,720

Down Payment
$74,500
Rehab Estimate
$5,750
Closing Costs
$4,470

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 35% down payment or higher enables the proceeds from the asset to cover all costs.

$1,035

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $74,500
Loan Amount $223,500
See What Happens When You Reinvest Cash Flow

8.67

YEARS SAVED

$35,677

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,760

    LIST RENT
  • $0.66

    LIST RENT PER SQFT
  • $1,943

    COMP ESTIMATED VALUE
  • $0.73

    COMP AVG. RENT PER SQFT
Comps Range
$1,760
1$1,7602$1,9203$2,075
$2,075
RENT COMPS ANALYSIS
  • 3733 Wingfield Drive Gastonia, NC 1
    • 3 beds 3 baths ∙ 2,680 Sqft ∙ Built 2004 3 beds 3 baths ∙ 2,680 Sqft ∙ Built 2004
    • Rent
    • Rent Per SQFT
    •  
    • $1,760
    • $0.66
    •  
  • 3420 Donnington Way Gastonia, NC 2
    • 4 beds 3 baths ∙ 2,490 Sqft ∙ Built 2014 4 beds 3 baths ∙ 2,490 Sqft ∙ Built 2014
    LEASED 01/09/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,920
    • $0.77
    •  
  • 2425 Flintshire Lane Gastonia, NC 3
    • 4 beds 3 baths ∙ 2,768 Sqft ∙ Built 2011 4 beds 3 baths ∙ 2,768 Sqft ∙ Built 2011
    LEASED 09/27/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,075
    • $0.75
    •  
PROPERTY LISTING DETAILS
Verria Hairston
1.704.751.0133
Opendoor Brokerage Llc
1.866.250.5610
Carolina Multiple Listing Services ( Carolina)
MLS #: 3710375
Last Updated: 02/19/2021
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