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902 E Harrison Avenue Gastonia, NC 28054

3 Beds 2 Baths 1,337 sqft Built 2020

INVESTimate

$210,000

List Price

$1,150

$1,035 - $1,265

Rent Est.

$222,495  ( +5.95%)   1 YR EST. FORECAST

PROPERTY INFO

Built 2020 NEW CONSTRUCTION
August 25, 2020 RECENTLY ADDED
FACTS
  • Built In 2020
  • Price/Sqft : $157.07
  • 2 Days on Market
  • MLS # : 3653943
  • Updated Date : 08/25/2020 at 15:32
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,337 sqft
  • Baths : 2 full
Listing Agent

Keller Williams Ballantyne Area

Listing Agent's Description

Beautiful new home near Harrison Avenue. It takes less than 7 mins to Q.T, Mall, Family Dollar. 13 min away from CLT airport. There are Plenty of side yard space to put Deck. Modern kitchen! A must see!

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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

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
Woodhill Elementary School Primary Regular 470 28 2
Grier Middle School Middle Regular 679 38 6
Ashbrook High School High Regular 1,436 89 4

Woodhill Elementary School

  • Education Level: Primary
  • # of students: 470
  • # of teachers: 28
2
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
 

$189,000$231,000$210,000

PURCHASE PRICE

$1,035$1,265$1,150

RENT

DOWN PAYMENT
FINANCING

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

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$100k$200k$300k$400k$500k$600k

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,150
EXPENSES Loan Payment -$775
Property Tax -$170
Property Insurance -$52
Property Management Fees -$104
CASH FLOW
$50

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 9% of earned rent to cover both maintenance and periods of vacancy.

$210,000

PROJECTED PRICE

$1,150

PROJECTED RENT

0.55%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.94%
Appreciation Year (1-5) 5.95%
Maintenance Year (1-5) 3.00%
Vacancy 6.02%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$57,650

INVESTMENT

$57,650

Down Payment
$52,500
Rehab Estimate
$2,000
Closing Costs
$3,150

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 40% down payment or higher enables the proceeds from the asset to cover all costs.

$775

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $52,500
Loan Amount $157,500
See What Happens When You Reinvest Cash Flow

5.5

YEARS SAVED

$14,992

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,150

    LIST RENT
  • $0.86

    LIST RENT PER SQFT
  • $1,230

    COMP ESTIMATED VALUE
  • $0.92

    COMP AVG. RENT PER SQFT
Comps Range
$899
1$8992$9503$1,1504$1,2955$1,350
$1,350
RENT COMPS ANALYSIS
  • 902 E Harrison Avenue Gastonia, NC 3
    • 3 beds 2 baths ∙ 1,337 Sqft ∙ Built 2020 3 beds 2 baths ∙ 1,337 Sqft ∙ Built 2020
    • Rent
    • Rent Per SQFT
    •  
    • $1,150
    • $0.86
    •  
  • 200 E Page Avenue Gastonia, NC 1
    • 3 beds 1 baths ∙ 1,155 Sqft ∙ Built 1965 3 beds 1 baths ∙ 1,155 Sqft ∙ Built 1965
    LEASED 04/30/20
    • Rent
    • Rent Per SQFT
    •  
    • $899
    • $0.78
    •  
  • 811 Circle View Gastonia, NC 2
    • 3 beds 1 baths ∙ 1,008 Sqft ∙ Built 1959 3 beds 1 baths ∙ 1,008 Sqft ∙ Built 1959
    LEASED 01/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $950
    • $0.94
    •  
  • 836 Raindrops Road Gastonia, NC 4
    • 3 beds 2 baths ∙ 1,323 Sqft ∙ Built 2003 3 beds 2 baths ∙ 1,323 Sqft ∙ Built 2003
    LEASED 03/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,295
    • $0.98
    •  
  • 1217 Bicycle Court Gastonia, NC 5
    • 3 beds 3 baths ∙ 1,450 Sqft ∙ Built 2006 3 beds 3 baths ∙ 1,450 Sqft ∙ Built 2006
    LEASED 05/19/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,350
    • $0.93
    •  
PROPERTY LISTING DETAILS
Thomas Elrod
1.704.228.6900
Keller Williams Ballantyne Area
BESbswy