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740 Crestwood Avenue Gastonia, NC 28054

3 Beds 1 Baths 1,509 sqft Built 1958

$169,900

List Price

$1,180

$1.1K - $1.3K

Rent Est.

PROPERTY INFO

80% chance this property will be sold within the next 20 days HOT INVESTMENT
November 12, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1958
  • Price/Sqft : $112.59
  • 4 Days on Market
  • MLS # : 3681169
  • Updated Date : 11/13/2020 at 22:52
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,509 sqft
  • Baths : 1 full
Listing Agent

Re/max Executive

Listing Agent's Description

Look no further…this charming brick ranch has recently been updated & is ready for you to call it HOME! This one level home features an open concept kitchen/dining area w/ plenty of counter & cabinet space; spacious bedrooms & large den/bonus room. The living room boasts a cozy fireplace accented by exposed, painted brick. Updates include: stainless steel appliances, fresh neutral paint through-out (including cabinets), newly refinished hardwoods, laminate wood floor in den & ceramic tile in kitchen & bathroom; windows & doors; bathroom has been updated; outside you’ll find a side patio perfect for morning coffee or grilling out. The basement is unfinished, but could be utilized for storage, utility or workshop space. Convenient to interstate, grocery stores, shopping, dining, park, Avon/Catawba Creeks Greenway, walking trails, museum, library & schools.

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

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
Lingerfeldt Elementary School Primary Regular 494 32 4
Grier Middle School Middle Regular 679 38 6
Ashbrook High School High Regular 1,436 89 4

Lingerfeldt Elementary School

  • Education Level: Primary
  • # of students: 494
  • # of teachers: 32
4
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
 

$152,910$186,890$169,900

PURCHASE PRICE

$1,062$1,298$1,180

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,180
EXPENSES Loan Payment -$627
Property Tax -$141
Property Insurance -$56
Property Management Fees -$106
CASH FLOW
$250

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.

$169,900

PROJECTED PRICE

$1,180

PROJECTED RENT

0.69%

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$100k$200k$300k$400k$500k$600k

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$50,774

INVESTMENT

$50,774

Down Payment
$42,475
Rehab Estimate
$5,750
Closing Costs
$2,549

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 25% down payment or higher enables the proceeds from the asset to cover all costs.

$627

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $42,475
Loan Amount $127,425
See What Happens When You Reinvest Cash Flow

11.58

YEARS SAVED

$35,961

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,180

    LIST RENT
  • $0.78

    LIST RENT PER SQFT
  • $1,185

    COMP ESTIMATED VALUE
  • $0.78

    COMP AVG. RENT PER SQFT
Comps Range
$1,180
1$1,1802$1,1953$1,3004$1,3505$1,419
$1,419
RENT COMPS ANALYSIS
  • 740 Crestwood Avenue Gastonia, NC 1
    • 3 beds 1 baths ∙ 1,509 Sqft ∙ Built 1958 3 beds 1 baths ∙ 1,509 Sqft ∙ Built 1958
    • Rent
    • Rent Per SQFT
    •  
    • $1,180
    • $0.78
    •  
  • 1201 Monroe Drive Gastonia, NC 2
    • 3 beds 1 baths ∙ 1,732 Sqft ∙ Built 1965 3 beds 1 baths ∙ 1,732 Sqft ∙ Built 1965
    LEASED 01/06/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,195
    • $0.69
    •  
  • 325 Columbia Street Gastonia, NC 3
    • 3 beds 2 baths ∙ 1,688 Sqft ∙ Built 1920 3 beds 2 baths ∙ 1,688 Sqft ∙ Built 1920
    LEASED 08/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,300
    • $0.77
    •  
  • 207 Forest Hill Lane Gastonia, NC 4
    • 3 beds 2 baths ∙ 1,629 Sqft ∙ Built 1929 3 beds 2 baths ∙ 1,629 Sqft ∙ Built 1929
    LEASED 02/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,350
    • $0.83
    •  
  • 607 S South Street Gastonia, NC 5
    • 3 beds 1 baths ∙ 1,696 Sqft ∙ Built 1926 3 beds 1 baths ∙ 1,696 Sqft ∙ Built 1926
    LEASED 08/24/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,419
    • $0.84
    •  
PROPERTY LISTING DETAILS
Sunny Calhoun
1.704.842.2828
Re/max Executive
BESbswy