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638 Downey Place Gastonia, NC 28054

3 Beds 2 Baths 1,543 sqft Built 1959

$269,900

List Price

$1,450

$1.3K - $1.6K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
July 13, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1959
  • Price/Sqft : $174.92
  • -1 Days on Market
  • MLS # : CAR3761755
  • Updated Date : 07/12/2021 at 23:39
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,543 sqft
  • Baths : 2 full
Listing Agent

Re/max Executive

Listing Agent's Description

New White Subway Tile Back Splash & White Shaker Kitchen Cabinets, New Side By Side Refrigerator, New Wood Flooring in Kitchen & Open Living/Dining Area, New Roof 2018 and New Furnace and Central Air 2018...Added New Barn Doors for 3rd bedroom or office, Painted entire interior of home, Patio and Screen Porch painted and flooring updated with durable outdoor epoxy..Beautiful private back yard with nice patio and fire pit as well as Large Screen Back Porch on main level to relax...Lots storage in basement or could be used for work shop, etc.. Great Location minutes to schools, shopping, interstate and restaurants..Neighborhood amenities include Gardner Acres Swim Club which require a membership, includes tennis and pool..Also not far from New "Honey Hunters Professional Baseball Field" in Gastonia..

SEE MORE

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: 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
 

$242,910$296,890$269,900

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 -$937
Property Tax -$224
Property Insurance -$56
Property Management Fees -$119
CASH FLOW
$113

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.

$269,900

PROJECTED PRICE

$1,450

PROJECTED RENT

0.54%

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$200k$400k$600k$800k

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$600k$700k$800k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$77,274

INVESTMENT

$77,274

Down Payment
$67,475
Rehab Estimate
$5,750
Closing Costs
$4,049

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$937

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $67,475
Loan Amount $202,425
See What Happens When You Reinvest Cash Flow

7.42

YEARS SAVED

$24,926

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $0

    LIST RENT
  • $0

    LIST RENT PER SQFT
  • $1,450

    COMP ESTIMATED VALUE
  • $0.94

    COMP AVG. RENT PER SQFT
Comps Range
$0
1$02$1,1753$1,1954$1,2955$1,350
$1,350
RENT COMPS ANALYSIS
  • 638 Downey Place Gastonia, NC 1
    • 3 beds 2 baths ∙ 1,543 Sqft ∙ Built 1959 3 beds 2 baths ∙ 1,543 Sqft ∙ Built 1959
    • Rent
    • Rent Per SQFT
    •  
    • $0
    • $0.00
    •  
  • 2865 Ebony Avenue Gastonia, NC 2
    • 3 beds 3 baths ∙ 1,200 Sqft ∙ Built 1955 3 beds 3 baths ∙ 1,200 Sqft ∙ Built 1955
    LEASED 01/31/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,175
    • $0.98
    •  
  • 732 Willow Creek Drive Gastonia, NC 3
    • 3 beds 3 baths ∙ 1,249 Sqft ∙ Built 2013 3 beds 3 baths ∙ 1,249 Sqft ∙ Built 2013
    LEASED 06/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,195
    • $0.96
    •  
  • 526 Ruby Lane Gastonia, NC 4
    • 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 5
    • 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
    •  
PROPERTY LISTING DETAILS
Hazel Messer
1.704.868.6370
Re/max Executive
BESbswy