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400 Woodstream Drive Gastonia, NC 28056

3 Beds 3 Baths 2,125 sqft Built 1980

$235,000

List Price

$1,430

$1.3K - $1.6K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
FACTS
  • Single Family
  • Built In 1980
  • Price/Sqft : $110.59
  • 13 Days on Market
  • MLS # : 3708965
  • Updated Date : 02/26/2021 at 11:26
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,125 sqft
  • Baths : 2 full , 1 half
Listing Agent

Mark Spain Real Estate

Listing Agent's Description

Come see this one before it’s gone! 3 bedrooms, 2.5 bathrooms located on one of the most private lots in the neighborhood. Enjoy a bonfire after a long week in the spacious back yard! Recent updates include: kitchen flooring, granite counter tops and cabinets. Flooring throughout living area is also updated, in addition to the shower on the main level. Finished basement could be used as separate living quarter, complete with kitchen, fireplace/insert, and full bath room. Additional room in basement could be used as a bedroom/office. Small portion of basement designed for storage is unfinished. HVAC with purification system is only 2 years old and a new roof in 2015.

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • 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)

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
H.h. Beam Elementary School Primary Regular 592 38 2
Southwest Middle School Middle Regular 867 47 4
Forestview High School High Regular 1,143 63 7

H.h. Beam Elementary School

  • Education Level: Primary
  • # of students: 592
  • # of teachers: 38
2
GreatSchools Rating

Southwest Middle School

  • Education Level: Middle
  • # of students: 867
  • # of teachers: 47
4
GreatSchools Rating

Forestview High School

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

$211,500$258,500$235,000

PURCHASE PRICE

$1,287$1,573$1,430

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,430
EXPENSES Loan Payment -$816
Property Tax -$134
Property Insurance -$67
Property Management Fees -$119
CASH FLOW
$294

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.

$235,000

PROJECTED PRICE

$1,430

PROJECTED RENT

0.61%

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$100k$200k$300k$400k$500k$600k$700k$800k$900k

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$68,025

INVESTMENT

$68,025

Down Payment
$58,750
Rehab Estimate
$5,750
Closing Costs
$3,525

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$816

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $58,750
Loan Amount $176,250
See What Happens When You Reinvest Cash Flow

11.58

YEARS SAVED

$42,032

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,430

    LIST RENT
  • $0.67

    LIST RENT PER SQFT
  • $1,721

    COMP ESTIMATED VALUE
  • $0.81

    COMP AVG. RENT PER SQFT
Comps Range
$1,430
1$1,4302$1,725
$1,725
RENT COMPS ANALYSIS
  • 400 Woodstream Drive Gastonia, NC 1
    • 3 beds 3 baths ∙ 2,125 Sqft ∙ Built 1980 3 beds 3 baths ∙ 2,125 Sqft ∙ Built 1980
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,430
    • $0.67
    •  
  • 1491 Plantation Trail Gastonia, NC 2
    • 3 beds 3 baths ∙ 2,128 Sqft ∙ Built 1992 3 beds 3 baths ∙ 2,128 Sqft ∙ Built 1992
    property image
    LEASED 04/07/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,725
    • $0.81
    •  
PROPERTY LISTING DETAILS
Rachel Alles
1.855.299.7653
Mark Spain Real Estate
1.866.250.5610
Carolina Multiple Listing Services ( Carolina)
MLS #: 3708965
Last Updated: 02/26/2021
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