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7317 Doak Court Gastonia, NC 28056

4 Beds 3 Baths 2,208 sqft Built 2020

$331,900

List Price

$1,700

$1.5K - $1.9K

Rent Est.

PROPERTY INFO

Built 2020 NEW CONSTRUCTION
December 04, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2020
  • Price/Sqft : $150.32
  • 3 Days on Market
  • MLS # : 3688910
  • Updated Date : 12/04/2020 at 18:36
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,208 sqft
  • Baths : 3 full
Listing Agent

Meritage Homes Of The Carolina

Listing Agent's Description

Brand NEW Energy-Efficient home ready April 2021! Cul de sac with mature tree views. Enjoy movie night in the second-story Carolina plan bonus room. Downstairs, the sprawling kitchen island overlooks the great room and dining area. Linen cabinets, white/grey granite countertops, brown grey EVP flooring and multi-tone carpet in our Elemental package. Nolen Farm homeowners will enjoy Gastonia's small-town charm with convenient access to shopping, dining, and downtown. Nearby, Lake Wylie and South Fork Catawba River provide exciting fun for the whole family while close proximity to schools makes morning commutes a breeze. Known for their energy efficient features, our homes help you live a healthier and quieter lifestyle, while saving you thousands of dollars on utility bills.

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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

Neighborhood: Presley

NeighborhoodNIR Market*CityMarket2010Year20002019100k150k200k250k300k350k400kPrice in $81k433k

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

Neighborhood: Presley

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2700800900100011001200130014001500160017001800Rent in $6901854

* 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
 

$298,710$365,090$331,900

PURCHASE PRICE

$1,530$1,870$1,700

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,700
EXPENSES Loan Payment -$1,225
Property Tax -$213
Property Insurance -$69
HOA -$125
Property Management Fees -$119
CASH FLOW
-$51

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 10% of earned rent to cover both maintenance and periods of vacancy.

$331,900

PROJECTED PRICE

$1,700

PROJECTED RENT

0.51%

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) 3.00%
Vacancy 6.57%
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-$2.0k$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$900k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$89,954

INVESTMENT

$89,954

Down Payment
$82,975
Rehab Estimate
$2,000
Closing Costs
$4,979

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 45% down payment or higher enables the proceeds from the asset to cover all costs.

$1,225

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $82,975
Loan Amount $248,925
See What Happens When You Reinvest Cash Flow

4.33

YEARS SAVED

$16,339

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,700

    LIST RENT
  • $0.77

    LIST RENT PER SQFT
  • $1,689

    COMP ESTIMATED VALUE
  • $0.76

    COMP AVG. RENT PER SQFT
Comps Range
$1,700
1$1,7002$1,9203$2,030
$2,030
RENT COMPS ANALYSIS
  • 7317 Doak Court Gastonia, NC 1
    • 4 beds 3 baths ∙ 2,208 Sqft ∙ Built 2020 4 beds 3 baths ∙ 2,208 Sqft ∙ Built 2020
    • Rent
    • Rent Per SQFT
    •  
    • $1,700
    • $0.77
    •  
  • 3420 Donnington Way Gastonia, NC 2
    • 4 beds 3 baths ∙ 2,490 Sqft ∙ Built 2014 4 beds 3 baths ∙ 2,490 Sqft ∙ Built 2014
    LEASED 01/09/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,920
    • $0.77
    •  
  • 3419 Donnington Way Gastonia, NC 3
    • 4 beds 3 baths ∙ 2,220 Sqft ∙ Built 2014 4 beds 3 baths ∙ 2,220 Sqft ∙ Built 2014
    LEASED 10/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,030
    • $0.91
    •  
PROPERTY LISTING DETAILS
Jimmy Mcclurg
1.704.969.0153
Meritage Homes Of The Carolina
BESbswy