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421 Bennington Drive Stanley, NC 28164

3 Beds 3 Baths 1,396 sqft Built 2021

$245,990

List Price

$1,260

$1.1K - $1.4K

Rent Est.

PROPERTY INFO

Built 2021 NEW CONSTRUCTION
SINGLE-FAMILY
March 19, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2021
  • Price/Sqft : $176.21
  • 3 Days on Market
  • MLS # : 3711560
  • Updated Date : 03/19/2021 at 13:36
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,396 sqft
  • Baths : 2 full , 1 half
Listing Agent

Dr Horton Inc

Listing Agent's Description

This home offers open floor plan with family and breakfast area. Kitchen comes with granite counter tops and stainless steel appliances Microwave, dishwasher and glass top stove . Upstairs laundry and a master bedroom with a vaulted ceiling and a nice walk in closet . Along with two secondary bedrooms. This community is tucked away but near by access to Hwy 27, also close to I-85 and I-485 . Bennington Creek is near attractions such as Mountain Island Lake, parks and U.S. National White Water Center. Close to Charlotte Douglas International Airport and so much more.

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: 28164

ZipNIR Market*CityMarket2010Year20002019120k130k140k150k160k170k180k190k200k210kPrice in $113k213k

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

Zip Code: 28164

ZipNIR Market*CityMarket2010Year20002019 Q275080085090095010001050110011501200125013001350Rent in $7221375

* 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
Kiser Elementary School Primary Regular 443 22 3
Stanley Middle School Middle Regular 485 30 7
East Gaston High School High Regular 1,122 67 5

Kiser Elementary School

  • Education Level: Primary
  • # of students: 443
  • # of teachers: 22
3
GreatSchools Rating

Stanley Middle School

  • Education Level: Middle
  • # of students: 485
  • # of teachers: 30
7
GreatSchools Rating

East Gaston High School

  • Education Level: High
  • # of students: 1,122
  • # of teachers: 67
5
GreatSchools Rating
 

$221,391$270,589$245,990

PURCHASE PRICE

$1,134$1,386$1,260

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,260
EXPENSES Loan Payment -$854
Property Tax -$160
Property Insurance -$53
HOA -$54
Property Management Fees -$119
CASH FLOW
$19

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 10% of earned rent to cover both maintenance and periods of vacancy.

$245,990

PROJECTED PRICE

$1,260

PROJECTED RENT

0.51%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.98%
Appreciation Year (1-5) 4.3%
Maintenance Year (1-5) 3.00%
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

PROJECTED ANNUAL CASH FLOW

11530$0.0$2.0k$4.0k$6.0k$8.0k$10k

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$67,187

INVESTMENT

$67,187

Down Payment
$61,498
Rehab Estimate
$2,000
Closing Costs
$3,690

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 40% down payment or higher enables the proceeds from the asset to cover all costs.

$854

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $61,498
Loan Amount $184,493
See What Happens When You Reinvest Cash Flow

5.5

YEARS SAVED

$14,538

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,260

    LIST RENT
  • $0.9

    LIST RENT PER SQFT
  • $1,233

    COMP ESTIMATED VALUE
  • $0.88

    COMP AVG. RENT PER SQFT
Comps Range
$895
1$8952$9503$1,2604$1,475
$1,475
RENT COMPS ANALYSIS
  • 421 Bennington Drive Stanley, NC 3
    • 3 beds 3 baths ∙ 1,396 Sqft ∙ Built 2021 3 beds 3 baths ∙ 1,396 Sqft ∙ Built 2021
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,260
    • $0.90
    •  
  • 603 Ralph Handsel Boulevard Stanley, NC 1
    • 3 beds 2 baths ∙ 1,050 Sqft ∙ Built 1980 3 beds 2 baths ∙ 1,050 Sqft ∙ Built 1980
    property image
    LEASED 02/07/20
    • Rent
    • Rent Per SQFT
    •  
    • $895
    • $0.85
    •  
  • 113 Woodhaven Drive Stanley, NC 2
    • 3 beds 1 baths ∙ 1,130 Sqft ∙ Built 1957 3 beds 1 baths ∙ 1,130 Sqft ∙ Built 1957
    property image
    LEASED 05/27/20
    • Rent
    • Rent Per SQFT
    •  
    • $950
    • $0.84
    •  
  • 400 Bennington Drive Stanley, NC 4
    • 3 beds 2 baths ∙ 1,545 Sqft ∙ Built 2003 3 beds 2 baths ∙ 1,545 Sqft ∙ Built 2003
    property image
    LEASED 02/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,475
    • $0.95
    •  
PROPERTY LISTING DETAILS
Corina Elliott
1.704.253.0051
Dr Horton Inc
1.866.250.5610
Carolina Multiple Listing Services ( Carolina)
MLS #: 3711560
Last Updated: 03/19/2021
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