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627 Honeywood Lane Gastonia, NC 28056

3 Beds 2 Baths 1,377 sqft Built 1965

$180,000

List Price

$1,300

$1.2K - $1.4K

Rent Est.

PROPERTY INFO

80% chance this property will be sold within the next 20 days HOT INVESTMENT
December 04, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1965
  • Price/Sqft : $130.72
  • 3 Days on Market
  • MLS # : 3688477
  • Updated Date : 12/04/2020 at 13:50
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,377 sqft
  • Baths : 2 full
Listing Agent

Srp The Agency Inc

Listing Agent's Description

Location Location Location! Charming brick 3 bedroom/2 bath ranch in the Fontaine Village neighborhood right across from the Gastonia airport! Large lot! Fully fenced in back yard with shed in the back. This property is tenant occupied. Tenant is on a month to month lease agreement and paying $1,000.00/month for rent. The fridge and washer + dryer are property of the tenant. Selling AS-IS! Please submit proof of funds with all offers. 24 hr lead time for showings.

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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: 28056

ZipNIR Market*CityMarket2010Year2000201990k100k110k120k130k140k150k160k170k180k190k200k210kPrice in $81k213k

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

Zip Code: 28056

ZipNIR Market*CityMarket2010Year20002019 Q270080090010001100120013001400Rent in $6901460

* 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
W.a. Bess Elementary School Primary Regular 551 32 8
Cramerton Middle School Middle Regular 833 42 8
Forestview High School High Regular 1,143 63 7

W.a. Bess Elementary School

  • Education Level: Primary
  • # of students: 551
  • # of teachers: 32
8
GreatSchools Rating

Cramerton Middle School

  • Education Level: Middle
  • # of students: 833
  • # of teachers: 42
8
GreatSchools Rating

Forestview High School

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

$162,000$198,000$180,000

PURCHASE PRICE

$1,170$1,430$1,300

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,300
EXPENSES Loan Payment -$664
Property Tax -$103
Property Insurance -$53
Property Management Fees -$119
CASH FLOW
$361

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 15% of earned rent to cover both maintenance and periods of vacancy.

$180,000

PROJECTED PRICE

$1,300

PROJECTED RENT

0.72%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.98%
Appreciation Year (1-5) 4.6%
Maintenance Year (1-5) 8.00%
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$12k$14k$16k$18k

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$53,450

INVESTMENT

$53,450

Down Payment
$45,000
Rehab Estimate
$5,750
Closing Costs
$2,700

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 20% 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 $45,000
Loan Amount $135,000
See What Happens When You Reinvest Cash Flow

14.42

YEARS SAVED

$49,374

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,300

    LIST RENT
  • $0.94

    LIST RENT PER SQFT
  • $1,157

    COMP ESTIMATED VALUE
  • $0.84

    COMP AVG. RENT PER SQFT
Comps Range
$1,195
1$1,1952$1,3003$1,399
$1,399
RENT COMPS ANALYSIS
  • 627 Honeywood Lane Gastonia, NC 2
    • 3 beds 2 baths ∙ 1,377 Sqft ∙ Built 1965 3 beds 2 baths ∙ 1,377 Sqft ∙ Built 1965
    • Rent
    • Rent Per SQFT
    •  
    • $1,300
    • $0.94
    •  
  • 4119 Greenhaven Lane Gastonia, NC 1
    • 4 beds 2 baths ∙ 1,462 Sqft ∙ Built 1965 4 beds 2 baths ∙ 1,462 Sqft ∙ Built 1965
    LEASED 11/13/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,195
    • $0.82
    •  
  • 605 Colorado Court Gastonia, NC 3
    • 3 beds 2 baths ∙ 1,632 Sqft ∙ Built 1979 3 beds 2 baths ∙ 1,632 Sqft ∙ Built 1979
    LEASED 03/20/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,399
    • $0.86
    •  
PROPERTY LISTING DETAILS
Claudia Frye
1.704.689.7802
Srp The Agency Inc
BESbswy