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7571 Nolen Farm Drive Gastonia, NC 28056

4 Beds 4 Baths 2,546 sqft Built 2021

$299,490

List Price

$1,980

$1.8K - $2.2K

Rent Est.

PROPERTY INFO

Built 2021 NEW CONSTRUCTION
FACTS
  • Single Family
  • Built In 2021
  • Price/Sqft : $117.63
  • 14 Days on Market
  • MLS # : 3683026
  • Updated Date : 11/28/2020 at 00:05
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,546 sqft
  • Baths : 3 full , 1 half
Listing Agent

Dr Horton Inc

Listing Agent's Description

This home features an open living concept with 9 foot ceilings on the first floor and formal dining for hosting your guests. Gorgeous laminate flooring throughout the main floor. Enjoy your open kitchen with granite, tile backsplash, and stainless steel appliances. Come home and relax either of the 2 gorgeous master suites. All of the amenities you would expect in a BRAND NEW home!

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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

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
 

$269,541$329,439$299,490

PURCHASE PRICE

$1,782$2,178$1,980

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,980
EXPENSES Loan Payment -$1,105
Property Tax -$193
Property Insurance -$75
HOA -$70
Property Management Fees -$178
CASH FLOW
$359

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.

$299,490

PROJECTED PRICE

$1,980

PROJECTED RENT

0.66%

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$0.0$5.0k$10k$15k$20k

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$81,365

INVESTMENT

$81,365

Down Payment
$74,873
Rehab Estimate
$2,000
Closing Costs
$4,492

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,105

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $74,873
Loan Amount $224,618
See What Happens When You Reinvest Cash Flow

11.08

YEARS SAVED

$60,721

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,980

    LIST RENT
  • $0.78

    LIST RENT PER SQFT
  • $1,948

    COMP ESTIMATED VALUE
  • $0.76

    COMP AVG. RENT PER SQFT
Comps Range
$1,920
1$1,9202$1,9803$2,030
$2,030
RENT COMPS ANALYSIS
  • 7571 Nolen Farm Drive Gastonia, NC 2
    • 4 beds 4 baths ∙ 2,546 Sqft ∙ Built 2021 4 beds 4 baths ∙ 2,546 Sqft ∙ Built 2021
    • Rent
    • Rent Per SQFT
    •  
    • $1,980
    • $0.78
    •  
  • 3420 Donnington Way Gastonia, NC 1
    • 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
Franklin Allen
1.704.492.9135
Dr Horton Inc
BESbswy