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517 Downey Place Gastonia, NC 28054

3 Beds 2 Baths 1,608 sqft Built 1957

$229,900

List Price

$1,450

$1.3K - $1.6K

Rent Est.

PROPERTY INFO

February 05, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1957
  • Price/Sqft : $142.97
  • 3 Days on Market
  • MLS # : 3705659
  • Updated Date : 02/06/2021 at 11:26
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,608 sqft
  • Baths : 2 full
Listing Agent

Weichert Realtors-pmi Group

Listing Agent's Description

LOCATION, LOCATION, LOCATION! This home is MUST see and will not last long! Located in the desirable neighborhood of Gardner Park, it is very close to interstate access and an immense amount of amenities! The home is a ranch home, featuring hardwood flooring throughout majority of the home, Featuring a vast fenced in back yard, perfect for outdoor fun for all!

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
Grier Middle School Middle Regular 679 38 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

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
 

$206,910$252,890$229,900

PURCHASE PRICE

$1,305$1,595$1,450

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,450
EXPENSES Loan Payment -$799
Property Tax -$191
Property Insurance -$57
Property Management Fees -$119
CASH FLOW
$284

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.

$229,900

PROJECTED PRICE

$1,450

PROJECTED RENT

0.63%

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$16k

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$66,674

INVESTMENT

$66,674

Down Payment
$57,475
Rehab Estimate
$5,750
Closing Costs
$3,449

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$799

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $57,475
Loan Amount $172,425
See What Happens When You Reinvest Cash Flow

11.5

YEARS SAVED

$40,583

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,450

    LIST RENT
  • $0.9

    LIST RENT PER SQFT
  • $1,479

    COMP ESTIMATED VALUE
  • $0.92

    COMP AVG. RENT PER SQFT
Comps Range
$1,295
1$1,2952$1,3503$1,4504$1,4505$1,475
$1,475
RENT COMPS ANALYSIS
  • 517 Downey Place Gastonia, NC 4
    • 3 beds 2 baths ∙ 1,608 Sqft ∙ Built 1957 3 beds 2 baths ∙ 1,608 Sqft ∙ Built 1957
    • Rent
    • Rent Per SQFT
    •  
    • $1,450
    • $0.90
    •  
  • 526 Ruby Lane Gastonia, NC 1
    • 4 beds 2 baths ∙ 1,377 Sqft ∙ Built 1955 4 beds 2 baths ∙ 1,377 Sqft ∙ Built 1955
    LEASED 12/18/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,295
    • $0.94
    •  
  • 600 Bridle Path Trail Gastonia, NC 2
    • 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
    •  
  • 902 Willow Wind Drive Gastonia, NC 3
    • 3 beds 3 baths ∙ 1,555 Sqft ∙ Built 2007 3 beds 3 baths ∙ 1,555 Sqft ∙ Built 2007
    LEASED 10/07/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,450
    • $0.93
    •  
  • 956 Willow Creek Drive Gastonia, NC 5
    • 3 beds 3 baths ∙ 1,583 Sqft ∙ Built 2006 3 beds 3 baths ∙ 1,583 Sqft ∙ Built 2006
    LEASED 11/14/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,475
    • $0.93
    •  
PROPERTY LISTING DETAILS
Alexandra Love
1.704.502.3611
Weichert Realtors-pmi Group
BESbswy