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422 S Chestnut Street Gastonia, NC 28054

4 Beds 3 Baths 2,352 sqft Built 2021

$309,900

List Price

$1,760

$1.6K - $1.9K

Rent Est.

PROPERTY INFO

Built 2021 NEW CONSTRUCTION
SINGLE-FAMILY
March 05, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2021
  • Price/Sqft : $131.76
  • 4 Days on Market
  • MLS # : 3714430
  • Updated Date : 03/04/2021 at 09:09
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,352 sqft
  • Baths : 3 full
Listing Agent

Bsi Builder Services

Listing Agent's Description

Experience all that Gastonia has to offer in this walkable area, you are just minutes from Lineberger Park, the Greenway, and the Future Carolina Thread Trail. These Single Family floorplans are designed for functionality, convenience, and give a modern twist on simple living. Being nearby the Historic District, these exteriors give a sense of charm and hospitality. Explore the local shops, trails, and restaurants or enjoy a family day at the park. This 4-bedroom, 3-bath charmer will take your breath away with it's spacious living areas. Entering the foyer from your covered porch, you notice a spare bedroom/study on your left along with a full hall bathroom. As you continue through the home you will notice the spacious Great Room, Kitchen with oversized Island, dining room and peaceful patio. The Private Owners' Suite boasts a double vanity, walk-in shower, and large Walk-in Closet. Upstairs you will find two more bedrooms, a loft space and a full bathroom.

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • 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)

PRICE & RENT TRENDS

Neighborhood: Center City

ZipNIR Market*CityMarket2010Year2000201980k90k100k110k120k130k140k150k160k170k180k190k200k210kPrice in $74k213k

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

Neighborhood: Center City

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
Woodhill Elementary School Primary Regular 470 28 2
Grier Middle School Middle Regular 679 38 6
Ashbrook High School High Regular 1,436 89 4

Woodhill Elementary School

  • Education Level: Primary
  • # of students: 470
  • # of teachers: 28
2
GreatSchools Rating

Grier Middle School

  • Education Level: Middle
  • # of students: 679
  • # of teachers: 38
6
GreatSchools Rating

Ashbrook High School

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

$278,910$340,890$309,900

PURCHASE PRICE

$1,584$1,936$1,760

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,760
EXPENSES Loan Payment -$1,076
Property Tax -$251
Property Insurance -$71
Property Management Fees -$119
CASH FLOW
$243

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 9% of earned rent to cover both maintenance and periods of vacancy.

$309,900

PROJECTED PRICE

$1,760

PROJECTED RENT

0.57%

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) 3.00%
Vacancy 6.02%
Length of Stay Years 2

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

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

PROJECTED ANNUAL CASH FLOW

11530$0.0$5.0k$10k$15k$20k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$100k$200k$300k$400k$500k$600k$700k$800k$900k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$84,124

INVESTMENT

$84,124

Down Payment
$77,475
Rehab Estimate
$2,000
Closing Costs
$4,649

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,076

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $77,475
Loan Amount $232,425
See What Happens When You Reinvest Cash Flow

9.67

YEARS SAVED

$45,396

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,760

    LIST RENT
  • $0.75

    LIST RENT PER SQFT
  • $1,717

    COMP ESTIMATED VALUE
  • $0.73

    COMP AVG. RENT PER SQFT
Comps Range
$1,450
1$1,4502$1,5253$1,6484$1,7505$1,760
$1,760
RENT COMPS ANALYSIS
  • 422 S Chestnut Street Gastonia, NC 5
    • 4 beds 3 baths ∙ 2,352 Sqft ∙ Built 2021 4 beds 3 baths ∙ 2,352 Sqft ∙ Built 2021
    • Rent
    • Rent Per SQFT
    •  
    • $1,760
    • $0.75
    •  
  • 508 Dunham Road Gastonia, NC 1
    • 3 beds 2 baths ∙ 2,030 Sqft ∙ Built 1954 3 beds 2 baths ∙ 2,030 Sqft ∙ Built 1954
    LEASED 05/11/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,450
    • $0.71
    •  
  • 1040 Sundance Drive Gastonia, NC 2
    • 4 beds 3 baths ∙ 2,231 Sqft ∙ Built 2018 4 beds 3 baths ∙ 2,231 Sqft ∙ Built 2018
    LEASED 03/23/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,525
    • $0.68
    •  
  • 506 5th Avenue Gastonia, NC 3
    • 3 beds 2 baths ∙ 2,458 Sqft ∙ Built 1919 3 beds 2 baths ∙ 2,458 Sqft ∙ Built 1919
    LEASED 01/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,648
    • $0.67
    •  
  • 405 W 5th Avenue Gastonia, NC 4
    • 5 beds 2 baths ∙ 2,025 Sqft ∙ Built 1920 5 beds 2 baths ∙ 2,025 Sqft ∙ Built 1920
    LEASED 09/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,750
    • $0.86
    •  
PROPERTY LISTING DETAILS
Lind Goodman
1.704.400.3845
Bsi Builder Services
1.866.250.5610
Carolina Multiple Listing Services ( Carolina)
MLS #: 3714430
Last Updated: 03/04/2021
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