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602 Tryon Place Gastonia, NC 28054

3 Beds 3 Baths 1,500 sqft Built 1988

$179,900

List Price

$1,250

$1.1K - $1.4K

Rent Est.

PROPERTY INFO

80% chance this property will be sold within the next 20 days HOT INVESTMENT
December 23, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1988
  • Price/Sqft : $119.93
  • 5 Days on Market
  • MLS # : 3693488
  • Updated Date : 12/23/2020 at 17:13
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,500 sqft
  • Baths : 2 full , 1 half
Listing Agent

Re/max Executive

Listing Agent's Description

Great location near shopping and Martha Rivers Park. This 2 story home offers a rocking chair front porch. The main floor features a family room with brick fireplace, kitchen, laundry area, a formal dining room area, and a 1/2 bath. The kitchen has lots of cabinets and a pantry. 3 nice sized bedrooms and 2 full baths upstairs. The family room has a deck off the back which offers a private backyard with a storage shed. A new roof was installed in 2009 and the HVAC was replaced in June 2011.

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
Lingerfeldt Elementary School Primary Regular 494 32 4
Southwest Middle School Middle Regular 867 47 4
Forestview High School High Regular 1,143 63 7

Lingerfeldt Elementary School

  • Education Level: Primary
  • # of students: 494
  • # of teachers: 32
4
GreatSchools Rating

Southwest Middle School

  • Education Level: Middle
  • # of students: 867
  • # of teachers: 47
4
GreatSchools Rating

Forestview High School

  • Education Level: High
  • # of students: 1,143
  • # of teachers: 63
7
GreatSchools Rating
 

$161,910$197,890$179,900

PURCHASE PRICE

$1,125$1,375$1,250

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,250
EXPENSES Loan Payment -$664
Property Tax -$149
Property Insurance -$55
Property Management Fees -$119
CASH FLOW
$263

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.

$179,900

PROJECTED PRICE

$1,250

PROJECTED RENT

0.69%

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

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$53,424

INVESTMENT

$53,424

Down Payment
$44,975
Rehab Estimate
$5,750
Closing Costs
$2,699

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$664

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $44,975
Loan Amount $134,925
See What Happens When You Reinvest Cash Flow

12.42

YEARS SAVED

$40,888

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,250

    LIST RENT
  • $0.83

    LIST RENT PER SQFT
  • $1,245

    COMP ESTIMATED VALUE
  • $0.83

    COMP AVG. RENT PER SQFT
Comps Range
$1,206
1$1,2062$1,2503$1,3254$1,3995$1,425
$1,425
RENT COMPS ANALYSIS
  • 602 Tryon Place Gastonia, NC 2
    • 3 beds 3 baths ∙ 1,500 Sqft ∙ Built 1988 3 beds 3 baths ∙ 1,500 Sqft ∙ Built 1988
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,250
    • $0.83
    •  
  • 2019 Sarn Court Gastonia, NC 1
    • 3 beds 2 baths ∙ 1,392 Sqft ∙ Built 1990 3 beds 2 baths ∙ 1,392 Sqft ∙ Built 1990
    property image
    LEASED 07/05/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,206
    • $0.87
    •  
  • 1278 Morrocroft Trail Gastonia, NC 3
    • 3 beds 2 baths ∙ 1,521 Sqft ∙ Built 1993 3 beds 2 baths ∙ 1,521 Sqft ∙ Built 1993
    property image
    LEASED 12/17/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,325
    • $0.87
    •  
  • 3812 Schenley Avenue Gastonia, NC 4
    • 3 beds 3 baths ∙ 1,795 Sqft ∙ Built 2016 3 beds 3 baths ∙ 1,795 Sqft ∙ Built 2016
    property image
    LEASED 12/19/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,399
    • $0.78
    •  
  • 1423 Rivermont Drive Gastonia, NC 5
    • 3 beds 3 baths ∙ 1,778 Sqft ∙ Built 1984 3 beds 3 baths ∙ 1,778 Sqft ∙ Built 1984
    property image
    LEASED 04/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,425
    • $0.80
    •  
PROPERTY LISTING DETAILS
Sandy Bishop
1.704.718.1779
Re/max Executive
BESbswy