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6301 Gilead Road Huntersville, NC 28078

4 Beds 3 Baths 2,545 sqft Built 1956

$429,000

List Price

$1,840

$1.7K - $2K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
FACTS
  • Single Family
  • Built In 1956
  • Price/Sqft : $168.57
  • 85 Days on Market
  • MLS # : 3691001
  • Updated Date : 03/05/2021 at 22:47
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,545 sqft
  • Baths : 2 full , 1 half
Listing Agent

Nexthome World Class

Listing Agent's Description

First time on the market in almost 40 years. LOCATION, LOCATION, LOCATION... 2 acres in Huntersville on Gilead rd is very RARE. This all brick ranch with a basement is ready to be transformed into your dream home. Some recent new mechanical upgrades. Home is in need of updating and renovating but being all brick with basement foundation, it's a blank canvas to turn into something amazing. NO HOA. Possibilities are endless. Keep for you very own 2 acre estate. Split it into 2 lots and sell one.

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: Huntersville

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300kPrice in $118k318k

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

Neighborhood: Huntersville

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2900100011001200130014001500160017001800Rent in $8441809

* 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
Barnette Elementary School Primary Unknown 640 38 NA
Francis Bradley Middle School Middle Regular 1,140 59 6
Hopewell High School High Regular 1,653 87 3

Barnette Elementary School

  • Education Level: Primary
  • # of students: 640
  • # of teachers: 38
NA
GreatSchools Rating

Francis Bradley Middle School

  • Education Level: Middle
  • # of students: 1,140
  • # of teachers: 59
6
GreatSchools Rating

Hopewell High School

  • Education Level: High
  • # of students: 1,653
  • # of teachers: 87
3
GreatSchools Rating
 

$386,100$471,900$429,000

PURCHASE PRICE

$1,656$2,024$1,840

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,840
EXPENSES Loan Payment -$1,490
Property Tax -$362
Property Insurance -$71
Property Management Fees -$119
CASH FLOW
-$203

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.

$429,000

PROJECTED PRICE

$1,840

PROJECTED RENT

0.43%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.48%
Appreciation Year (1-5) 5.4%
Maintenance Year (1-5) 8.00%
Vacancy 6.31%
Length of Stay Years 2

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$200k$400k$600k$800k$1.0M$1.2M

PROJECTED ANNUAL CASH FLOW

11530-$5.0k$0.0$5.0k$10k$15k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k$1.0M$1.2M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$119,435

INVESTMENT

$119,435

Down Payment
$107,250
Rehab Estimate
$5,750
Closing Costs
$6,435

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 55% down payment or higher enables the proceeds from the asset to cover all costs.

$1,490

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $107,250
Loan Amount $321,750
See What Happens When You Reinvest Cash Flow

3.25

YEARS SAVED

$11,490

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,840

    LIST RENT
  • $0.78

    LIST RENT PER SQFT
  • $1,840

    COMP ESTIMATED VALUE
  • $0.78

    COMP AVG. RENT PER SQFT
Comps Range
$1,795
1$1,7952$1,8003$1,8254$1,8405$1,915
$1,915
RENT COMPS ANALYSIS
  • 6301 Gilead Road Huntersville, NC 4
    • 4 beds 3 baths ∙ 2,352 Sqft ∙ Built 1956 4 beds 3 baths ∙ 2,352 Sqft ∙ Built 1956
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,840
    • $0.78
    •  
  • 16943 Hugh Torance Parkway Huntersville, NC 1
    • 4 beds 3 baths ∙ 2,348 Sqft ∙ Built 2006 4 beds 3 baths ∙ 2,348 Sqft ∙ Built 2006
    property image
    LEASED 04/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,795
    • $0.76
    •  
  • 6611 Olmsford Drive Huntersville, NC 2
    • 4 beds 3 baths ∙ 2,310 Sqft ∙ Built 2005 4 beds 3 baths ∙ 2,310 Sqft ∙ Built 2005
    property image
    LEASED 02/22/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,800
    • $0.78
    •  
  • 15519 Troubadour Lane Huntersville, NC 3
    • 4 beds 3 baths ∙ 2,169 Sqft ∙ Built 2007 4 beds 3 baths ∙ 2,169 Sqft ∙ Built 2007
    property image
    LEASED 02/25/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,825
    • $0.84
    •  
  • 7038 Church Wood Lane Huntersville, NC 5
    • 4 beds 4 baths ∙ 2,560 Sqft ∙ Built 2006 4 beds 4 baths ∙ 2,560 Sqft ∙ Built 2006
    property image
    LEASED 08/01/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,915
    • $0.75
    •  
PROPERTY LISTING DETAILS
Kelly Myers
1.704.729.7000
Nexthome World Class
1.866.250.5610
Carolina Multiple Listing Services ( Carolina)
MLS #: 3691001
Last Updated: 03/05/2021
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