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709 King Arthur Drive Gastonia, NC 28056

3 Beds 2 Baths 1,432 sqft Built 1976

$189,000

List Price

$1,230

$1.1K - $1.4K

Rent Est.

PROPERTY INFO

FACTS
  • Built In 1976
  • Price/Sqft : $131.98
  • 12 Days on Market
  • MLS # : 3674483
  • Updated Date : 11/02/2020 at 12:56
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,432 sqft
  • Baths : 2 full
Listing Agent

Colberg & Associates Llc

Listing Agent's Description

This sweet home is waiting for her new owner! Fabulous 3/2 ranch home in a quiet Gastonia neighborhood located near Belmont and Cramerton, and only a 20 min drive to CLT. Relax on your deck with a fenced in backyard. Home is upfitted with new HVAC system this year. Water heater less than 5 yrs, serviced with an expansion tank added. Longer roof life with Fiberglass shingles installed in 2015. New gutter guards. Washer, dryer, refrigerator convey with the home - all less than 5 years. Seller will have the entry and hall painted and carpets professionally cleaned prior to closing.

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: 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
Lowell Elementary School Primary Regular 537 31 4
Cramerton Middle School Middle Regular 833 42 8
Stuart W. Cramer High School High Regular 782 45 NA

Lowell Elementary School

  • Education Level: Primary
  • # of students: 537
  • # of teachers: 31
4
GreatSchools Rating

Cramerton Middle School

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

Stuart W. Cramer High School

  • Education Level: High
  • # of students: 782
  • # of teachers: 45
NA
GreatSchools Rating
 

$170,100$207,900$189,000

PURCHASE PRICE

$1,107$1,353$1,230

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,230
EXPENSES Loan Payment -$697
Property Tax -$113
Property Insurance -$54
Property Management Fees -$111
CASH FLOW
$255

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.

$189,000

PROJECTED PRICE

$1,230

PROJECTED RENT

0.65%

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

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$55,835

INVESTMENT

$55,835

Down Payment
$47,250
Rehab Estimate
$5,750
Closing Costs
$2,835

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 30% down payment or higher enables the proceeds from the asset to cover all costs.

$697

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $47,250
Loan Amount $141,750
See What Happens When You Reinvest Cash Flow

11.33

YEARS SAVED

$38,155

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,230

    LIST RENT
  • $0.86

    LIST RENT PER SQFT
  • $1,255

    COMP ESTIMATED VALUE
  • $0.88

    COMP AVG. RENT PER SQFT
Comps Range
$1,000
1$1,0002$1,2303$1,4504$1,550
$1,550
RENT COMPS ANALYSIS
  • 709 King Arthur Drive Gastonia, NC 2
    • 3 beds 2 baths ∙ 1,432 Sqft ∙ Built 1976 3 beds 2 baths ∙ 1,432 Sqft ∙ Built 1976
    • Rent
    • Rent Per SQFT
    •  
    • $1,230
    • $0.86
    •  
  • 3117 Beaty Road Gastonia, NC 1
    • 3 beds 1 baths ∙ 1,161 Sqft ∙ Built 1920 3 beds 1 baths ∙ 1,161 Sqft ∙ Built 1920
    LEASED 12/18/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,000
    • $0.86
    •  
  • 3924 Catawba Hills Drive Gastonia, NC 3
    • 3 beds 3 baths ∙ 1,670 Sqft ∙ Built 2015 3 beds 3 baths ∙ 1,670 Sqft ∙ Built 2015
    LEASED 06/27/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,450
    • $0.87
    •  
  • 4212 Creek Ridge Drive Gastonia, NC 4
    • 3 beds 2 baths ∙ 1,726 Sqft ∙ Built 2000 3 beds 2 baths ∙ 1,726 Sqft ∙ Built 2000
    LEASED 05/28/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,550
    • $0.90
    •  
PROPERTY LISTING DETAILS
Bonnie Colberg
1.704.968.7756
Colberg & Associates Llc
BESbswy