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511 N Morehead Street Gastonia, NC 28054

3 Beds 2 Baths 1,247 sqft Built 1940

$187,500

List Price

$1,060

$954 - $1.2K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
FACTS
  • Single Family
  • Built In 1940
  • Price/Sqft : $150.36
  • 10 Days on Market
  • MLS # : 3719817
  • Updated Date : 03/27/2021 at 15:29
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,247 sqft
  • Baths : 2 full
Listing Agent

Coldwell Banker Realty

Listing Agent's Description

Great opportunity to be close to downtown where all the revitalization is taking place! Completely remodeled bungalow near the end of a quiet street. Beautiful huge magnolia tree in front yard and huge oak in the backyard. Privacy fence around level backyard with plenty shade and room for cook outs, play area, and large gatherings. Good sized Cellar with lots of storage. Beautiful vintage feel with modern vinyl plank flooring, huge master shower with rainfall showerhead, SS appliances, granite counters, New Gas Pack, paved drive. Covered front porch is ready for those rocking chairs!

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
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
 

$168,750$206,250$187,500

PURCHASE PRICE

$954$1,166$1,060

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,060
EXPENSES Loan Payment -$651
Property Tax -$156
Property Insurance -$51
Property Management Fees -$119
CASH FLOW
$84

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.

$187,500

PROJECTED PRICE

$1,060

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) 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

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$55,438

INVESTMENT

$55,438

Down Payment
$46,875
Rehab Estimate
$5,750
Closing Costs
$2,813

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$651

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $46,875
Loan Amount $140,625
See What Happens When You Reinvest Cash Flow

7.58

YEARS SAVED

$17,640

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,060

    LIST RENT
  • $0.85

    LIST RENT PER SQFT
  • $1,047

    COMP ESTIMATED VALUE
  • $0.84

    COMP AVG. RENT PER SQFT
Comps Range
$899
1$8992$9503$1,0604$1,3505$1,395
$1,395
RENT COMPS ANALYSIS
  • 511 N Morehead Street Gastonia, NC 3
    • 3 beds 2 baths ∙ 1,247 Sqft ∙ Built 1940 3 beds 2 baths ∙ 1,247 Sqft ∙ Built 1940
    • Rent
    • Rent Per SQFT
    •  
    • $1,060
    • $0.85
    •  
  • 200 E Page Avenue Gastonia, NC 1
    • 3 beds 1 baths ∙ 1,155 Sqft ∙ Built 1965 3 beds 1 baths ∙ 1,155 Sqft ∙ Built 1965
    LEASED 04/30/20
    • Rent
    • Rent Per SQFT
    •  
    • $899
    • $0.78
    •  
  • 1134 Green Circle Drive Gastonia, NC 2
    • 3 beds 2 baths ∙ 1,250 Sqft ∙ Built 1955 3 beds 2 baths ∙ 1,250 Sqft ∙ Built 1955
    LEASED 09/25/20
    • Rent
    • Rent Per SQFT
    •  
    • $950
    • $0.76
    •  
  • 1217 Bicycle Court Gastonia, NC 4
    • 3 beds 3 baths ∙ 1,450 Sqft ∙ Built 2006 3 beds 3 baths ∙ 1,450 Sqft ∙ Built 2006
    LEASED 05/19/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,350
    • $0.93
    •  
  • 1013 Bolivia Drive Gastonia, NC 5
    • 3 beds 3 baths ∙ 1,564 Sqft ∙ Built 3 beds 3 baths ∙ 1,564 Sqft ∙ Built
    LEASED 02/05/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,395
    • $0.89
    •  
PROPERTY LISTING DETAILS
Taren Pecha
1.704.791.7782
Coldwell Banker Realty
1.866.250.5610
Carolina Multiple Listing Services ( Carolina)
MLS #: 3719817
Last Updated: 03/27/2021
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