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717 Rosegate Drive Gastonia, NC 28056

3 Beds 3 Baths 2,300 sqft Built 2016

$285,000

List Price

$1,760

$1.6K - $1.9K

Rent Est.

PROPERTY INFO

November 07, 2020 RECENTLY ADDED
FACTS
  • Built In 2016
  • Price/Sqft : $123.91
  • 6 Days on Market
  • MLS # : 3678330
  • Updated Date : 11/07/2020 at 00:05
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,300 sqft
  • Baths : 2 full , 1 half
Listing Agent

Dream Home Carolinas Llc

Listing Agent's Description

A beautiful, spacious open floor plan with many upgrades designed to wow and offer luxurious comfort. An entrance sitting room can also be an office/exercise room. The spacious light-filled family room overlooks the bonus morning room and the gorgeous kitchen. Kitchen includes granite, stainless steel GE energy-efficient appliances & 42" dark cherry cabinetry w/crown molding and a walk in pantry! Large granite overhang and transaction top offers barstool dining spaces. The high-ceiling morning room with a large wall of windows offers more dining space for large gatherings that spills over to the outside. A large deck and huge backyard with sprinkler system offers outdoor living options. Upstairs a large loft area offers more possibilities for play room/office/sitting room. The owners suite is generous w/ separate tub & shower and his and hers walk-in closets. 2 more generously sized secondary bedrooms with large closets complete the upstairs. This is that dream home for your buyers!

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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

Neighborhood: Rosegate

NeighborhoodNIR Market*CityMarket2010Year20002019100k120k140k160k180k200k220k240k260k280k300k320k340k360k380kPrice in $81k387k

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

Neighborhood: Rosegate

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2700800900100011001200130014001500160017001800Rent in $6901896

* 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
 

$256,500$313,500$285,000

PURCHASE PRICE

$1,584$1,936$1,760

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,760
EXPENSES Loan Payment -$1,052
Property Tax -$236
Property Insurance -$70
Property Management Fees -$158
CASH FLOW
$243

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.

$285,000

PROJECTED PRICE

$1,760

PROJECTED RENT

0.62%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.48%
Appreciation Year (1-5) 4.6%
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

PROJECTED ANNUAL CASH FLOW

11530$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k$14k$16k

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$81,275

INVESTMENT

$81,275

Down Payment
$71,250
Rehab Estimate
$5,750
Closing Costs
$4,275

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 35% down payment or higher enables the proceeds from the asset to cover all costs.

$1,052

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $71,250
Loan Amount $213,750
See What Happens When You Reinvest Cash Flow

9.33

YEARS SAVED

$43,296

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,760

    LIST RENT
  • $0.77

    LIST RENT PER SQFT
  • $1,771

    COMP ESTIMATED VALUE
  • $0.77

    COMP AVG. RENT PER SQFT
Comps Range
$1,645
1$1,6452$1,7253$1,7254$1,760
$1,760
RENT COMPS ANALYSIS
  • 717 Rosegate Drive Gastonia, NC 4
    • 3 beds 3 baths ∙ 2,300 Sqft ∙ Built 2016 3 beds 3 baths ∙ 2,300 Sqft ∙ Built 2016
    • Rent
    • Rent Per SQFT
    •  
    • $1,760
    • $0.77
    •  
  • 1500 Rice Hope Court Gastonia, NC 1
    • 3 beds 3 baths ∙ 2,410 Sqft ∙ Built 1990 3 beds 3 baths ∙ 2,410 Sqft ∙ Built 1990
    LEASED 07/06/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,645
    • $0.68
    •  
  • 1516 Plantation Trail Gastonia, NC 2
    • 4 beds 3 baths ∙ 2,266 Sqft ∙ Built 1993 4 beds 3 baths ∙ 2,266 Sqft ∙ Built 1993
    LEASED 08/14/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,725
    • $0.76
    •  
  • 1491 Plantation Trail Gastonia, NC 3
    • 3 beds 3 baths ∙ 2,128 Sqft ∙ Built 1992 3 beds 3 baths ∙ 2,128 Sqft ∙ Built 1992
    LEASED 04/07/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,725
    • $0.81
    •  
PROPERTY LISTING DETAILS
Sneha Shah
1.704.877.4706
Dream Home Carolinas Llc
BESbswy