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3764 Tea Olive Road Gastonia, NC 28056

4 Beds 3 Baths 2,625 sqft Built 2004

$385,000

List Price

$1,870

$1.7K - $2.1K

Rent Est.

PROPERTY INFO

January 08, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2004
  • Price/Sqft : $146.67
  • 3 Days on Market
  • MLS # : 3696256
  • Updated Date : 01/08/2021 at 11:45
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,625 sqft
  • Baths : 3 full
Listing Agent

Providence Management & Invest

Listing Agent's Description

Check out this beautifully maintained home in Cypress Pointe! This full brick home has a side load garage, large screened porch, large deck, patio and rocking chair front porch. So many places to enjoy the outdoors! When you enter the home you will see the open floor plan with a two story foyer and vaulted ceiling the in living room. The kitchen is nicely sized and offers a breakfast nook and large dining area for entertaining. The master suite is on the first floor, along with another bedroom and full bath that will be great for guests or a home office! Upstairs features 2 nice size bedrooms and another full bath along with a huge bonus room! Don't miss this one, it will go fast!

SEE MORE

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: Cypress Point

NeighborhoodNIR Market*CityMarket2010Year20002019100k120k140k160k180k200k220k240k260k280k300kPrice in $81k318k

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

Neighborhood: Cypress Point

NeighborhoodNIR Market*CityMarket2010Year20002019 Q27008009001000110012001300140015001600170018001900Rent in $6901933

* 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
W.a. Bess Elementary School Primary Regular 551 32 8
Cramerton Middle School Middle Regular 833 42 8
Forestview High School High Regular 1,143 63 7

W.a. Bess Elementary School

  • Education Level: Primary
  • # of students: 551
  • # of teachers: 32
8
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
 

$346,500$423,500$385,000

PURCHASE PRICE

$1,683$2,057$1,870

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,870
EXPENSES Loan Payment -$1,337
Property Tax -$319
Property Insurance -$77
HOA -$17
Property Management Fees -$119
CASH FLOW
$1

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.

$385,000

PROJECTED PRICE

$1,870

PROJECTED RENT

0.49%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.48%
Appreciation Year (1-5) 4.6%
Maintenance Year (1-5) 8.00%
Vacancy 6.31%
Length of Stay Years 2

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$200k$400k$600k$800k$1.0M$1.2M

PROJECTED ANNUAL CASH FLOW

11530$0.0$5.0k$10k$15k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k$1.0M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$107,775

INVESTMENT

$107,775

Down Payment
$96,250
Rehab Estimate
$5,750
Closing Costs
$5,775

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,337

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $96,250
Loan Amount $288,750
See What Happens When You Reinvest Cash Flow

5.58

YEARS SAVED

$23,585

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,870

    LIST RENT
  • $0.71

    LIST RENT PER SQFT
  • $1,846

    COMP ESTIMATED VALUE
  • $0.7

    COMP AVG. RENT PER SQFT
Comps Range
$1,585
1$1,5852$1,8703$1,9204$2,075
$2,075
RENT COMPS ANALYSIS
  • 3764 Tea Olive Road Gastonia, NC 2
    • 4 beds 3 baths ∙ 2,625 Sqft ∙ Built 2004 4 beds 3 baths ∙ 2,625 Sqft ∙ Built 2004
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,870
    • $0.71
    •  
  • 3709 Tranquil Court Gastonia, NC 1
    • 3 beds 3 baths ∙ 2,400 Sqft ∙ Built 2005 3 beds 3 baths ∙ 2,400 Sqft ∙ Built 2005
    property image
    LEASED 05/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,585
    • $0.66
    •  
  • 3420 Donnington Way Gastonia, NC 3
    • 4 beds 3 baths ∙ 2,490 Sqft ∙ Built 2014 4 beds 3 baths ∙ 2,490 Sqft ∙ Built 2014
    property image
    LEASED 01/09/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,920
    • $0.77
    •  
  • 2425 Flintshire Lane Gastonia, NC 4
    • 4 beds 3 baths ∙ 2,768 Sqft ∙ Built 2011 4 beds 3 baths ∙ 2,768 Sqft ∙ Built 2011
    property image
    LEASED 09/27/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,075
    • $0.75
    •  
PROPERTY LISTING DETAILS
Deanna Thornburg
1.704.853.0025
Providence Management & Invest
BESbswy