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416 Pamela Street Gastonia, NC 28054

4 Beds 3 Baths 1,772 sqft Built 1972

$239,900

List Price

$1,540

$1.4K - $1.7K

Rent Est.

PROPERTY INFO

November 03, 2020 RECENTLY ADDED
FACTS
  • Built In 1972
  • Price/Sqft : $135.38
  • 2 Days on Market
  • MLS # : 3678729
  • Updated Date : 11/02/2020 at 21:25
CONSTRUCTION
  • Beds : 4
  • Floor Size : 1,772 sqft
  • Baths : 2 full , 1 half
Listing Agent

Mcaferty Real Estate Group

Listing Agent's Description

Welcome Home! If key location and convenience is appealing to you then this adorable split level beauty located in the desirable Gardner Woods neighborhood is a perfect fit. Updated/Remodeled~ just awaiting its next owner! Move in Ready. You may appreciate the landscaping and covered front porch especially for those cool mornings of coffee sipping. Main level offers an open floor plan with upgraded kitchen, tiled backsplash, center island, recessed lighting and SS appliances. Upstairs holds 3 generous sized bedrooms with hardwood flooring as well as 1.5 bath with tiled flooring. The downstairs level has a lovely den with brick fireplace and outside entrance as well as an additional full bath with deep soaking tub, 4th bedroom and a laundry area. Roof is approximately 10 years old, newer windows throughout, new wiring & electrical panel 2020, HVAC recently serviced in 2020 and new 3 year old tankless water heater.

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: 28054

ZipNIR Market*CityMarket2010Year2000201980k90k100k110k120k130k140k150k160k170k180k190k200k210kPrice in $74k213k

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

Zip Code: 28054

ZipNIR Market*CityMarket2010Year20002019 Q270075080085090095010001050110011501200125013001350Rent in $6771375

* 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
Gardner Park Elementary School Primary Regular 668 36 5
Holbrook Middle School Middle Regular 731 40 6
Ashbrook High School High Regular 1,436 89 4

Gardner Park Elementary School

  • Education Level: Primary
  • # of students: 668
  • # of teachers: 36
5
GreatSchools Rating

Holbrook Middle School

  • Education Level: Middle
  • # of students: 731
  • # of teachers: 40
6
GreatSchools Rating

Ashbrook High School

  • Education Level: High
  • # of students: 1,436
  • # of teachers: 89
4
GreatSchools Rating
 

$215,910$263,890$239,900

PURCHASE PRICE

$1,386$1,694$1,540

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,540
EXPENSES Loan Payment -$885
Property Tax -$199
Property Insurance -$61
Property Management Fees -$139
CASH FLOW
$257

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.

$239,900

PROJECTED PRICE

$1,540

PROJECTED RENT

0.64%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.94%
Appreciation Year (1-5) 6.0%
Maintenance Year (1-5) 8.00%
Vacancy 6.02%
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

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$69,324

INVESTMENT

$69,324

Down Payment
$59,975
Rehab Estimate
$5,750
Closing Costs
$3,599

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$885

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $59,975
Loan Amount $179,925
See What Happens When You Reinvest Cash Flow

9.75

YEARS SAVED

$40,311

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,540

    LIST RENT
  • $0.87

    LIST RENT PER SQFT
  • $1,484

    COMP ESTIMATED VALUE
  • $0.84

    COMP AVG. RENT PER SQFT
Comps Range
$1,350
1$1,3502$1,4003$1,4494$1,4505$1,540
$1,540
RENT COMPS ANALYSIS
  • 416 Pamela Street Gastonia, NC 5
    • 4 beds 3 baths ∙ 1,772 Sqft ∙ Built 1972 4 beds 3 baths ∙ 1,772 Sqft ∙ Built 1972
    • Rent
    • Rent Per SQFT
    •  
    • $1,540
    • $0.87
    •  
  • 600 Bridle Path Trail Gastonia, NC 1
    • 3 beds 2 baths ∙ 1,536 Sqft ∙ Built 1957 3 beds 2 baths ∙ 1,536 Sqft ∙ Built 1957
    LEASED 05/05/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,350
    • $0.88
    •  
  • 3541 Stonemark Court Gastonia, NC 2
    • 3 beds 2 baths ∙ 1,671 Sqft ∙ Built 1972 3 beds 2 baths ∙ 1,671 Sqft ∙ Built 1972
    LEASED 06/12/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,400
    • $0.84
    •  
  • 1720 Hollybrook Avenue Gastonia, NC 3
    • 3 beds 3 baths ∙ 1,783 Sqft ∙ Built 2006 3 beds 3 baths ∙ 1,783 Sqft ∙ Built 2006
    LEASED 03/19/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,449
    • $0.81
    •  
  • 932 Willow Creek Drive Gastonia, NC 4
    • 3 beds 3 baths ∙ 1,773 Sqft ∙ Built 2009 3 beds 3 baths ∙ 1,773 Sqft ∙ Built 2009
    LEASED 05/14/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,450
    • $0.82
    •  
PROPERTY LISTING DETAILS
Tracy Mcaferty
1.704.860.7399
Mcaferty Real Estate Group
BESbswy