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408 Lakewood Drive Gastonia, NC 28056

3 Beds 2 Baths 1,900 sqft Built 1944

$199,000

List Price

$1,400

$1.3K - $1.5K

Rent Est.

PROPERTY INFO

80% chance this property will be sold within the next 20 days HOT INVESTMENT
FACTS
  • Built In 1944
  • Price/Sqft : $104.74
  • 41 Days on Market
  • MLS # : 3665119
  • Updated Date : 11/02/2020 at 10:24
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,900 sqft
  • Baths : 2 full
Listing Agent

Moss Realty

Listing Agent's Description

This home is a must-see! The country setting and pond overlook make this home perfect for the nature lover. Although listed as a 2 bedroom home, this home has a bonus room that would work as a perfect office, craft room, or bedroom. This home has a spacious living room with a vaulted ceiling. See this home in person today!

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

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
Southwest Middle School Middle Regular 867 47 4
Forestview High School High Regular 1,143 63 7

Robinson Elementary School

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

$179,100$218,900$199,000

PURCHASE PRICE

$1,260$1,540$1,400

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,400
EXPENSES Loan Payment -$734
Property Tax -$113
Property Insurance -$63
Property Management Fees -$126
CASH FLOW
$364

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.

$199,000

PROJECTED PRICE

$1,400

PROJECTED RENT

0.70%

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

PROJECTED ANNUAL CASH FLOW

11530$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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$58,485

INVESTMENT

$58,485

Down Payment
$49,750
Rehab Estimate
$5,750
Closing Costs
$2,985

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$734

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $49,750
Loan Amount $149,250
See What Happens When You Reinvest Cash Flow

13.25

YEARS SAVED

$49,440

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,400

    LIST RENT
  • $0.74

    LIST RENT PER SQFT
  • $1,587

    COMP ESTIMATED VALUE
  • $0.84

    COMP AVG. RENT PER SQFT
Comps Range
$1,399
1$1,3992$1,4003$1,725
$1,725
RENT COMPS ANALYSIS
  • 408 Lakewood Drive Gastonia, NC 2
    • 3 beds 2 baths ∙ 1,900 Sqft ∙ Built 1944 3 beds 2 baths ∙ 1,900 Sqft ∙ Built 1944
    • Rent
    • Rent Per SQFT
    •  
    • $1,400
    • $0.74
    •  
  • 605 Colorado Court Gastonia, NC 1
    • 3 beds 2 baths ∙ 1,632 Sqft ∙ Built 1979 3 beds 2 baths ∙ 1,632 Sqft ∙ Built 1979
    LEASED 03/20/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,399
    • $0.86
    •  
  • 1491 Plantation Trail Gastonia, NC 3
    • 3 beds 3 baths ∙ 2,128 Sqft ∙ Built 1992 3 beds 3 baths ∙ 2,128 Sqft ∙ Built 1992
    LEASED 04/07/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,725
    • $0.81
    •  
PROPERTY LISTING DETAILS
Michael Johnson
1.704.813.1073
Moss Realty
BESbswy