420 Donna Ave, Gastonia NC 28052 For Sale

  • 3 beds
  • 2 baths
  • 1074 sqft

Ready to buy? Reply to our email or call/text 704-269-4399

 

DO NOT DISTURB THE TENANT. SHOWINGS ONLY WITH MISSION HOME BUYERS.

Information and Comps

Looking for a safe and profitable flip or rental? This could be perfect for you.

This single family home is a manufactured single wide that is located in a gorgeous neighborhood and is the only manufactured house and it sits on a large, 2.2 acre lot. It’s a 3/2 and just shy of 1100 sq ft.. Houses in this neighborhood are selling for $125,000-$173,000 with comps for manufactured houses ranging from $110,000-$119,000. This property is 3 miles from Crowder and 5 miles from Crowder Mountain State Park and Crowder’s Golf Course.

This property is currently occupied by tenants who take great care of the property. They are on a 12 month lease that ends on 10/2020 at $600/month and have expressed a lot of interest in purchasing the home at the end of their lease which could give you the option to do seller financing (no maintenance, management or headaches).

 

This property is in good condition and just needs cosmetic updating. It’s one of the largest lots in the neighborhood sitting on 2.2 acres and has a car port and a storage shed to go with it. It is on a well and septic which has been recently serviced and is running perfectly.

Flipping:

If you want to list the home for $115,000+, we would recommend doing a basic cosmetic renovation (floors, paint, fixtures, vanity, etc.).  The HVAC system works but has had intermittent issues. Tenants are happy, but we would recommend servicing it or replacing it. If you could carve out a 3rd bedroom, it would be very beneficial for flipping or renting it out.

The renovated comps for this property are $110,000-$119,000 within 2.6 miles of the property. The cheaper renovated comp (4851 S verde view Drive) sold for $110,500 with 14 days on market.

The property is 1,074 sq. ft. and has 3 bedrooms and 2 bathrooms and two gorgeous trees in front of the house.

We believe this house could sell for an equal price of $115,000-$125,000 if renovated given the neighborhood. If it isn’t renovated, we believe it would sell for $75,000-$85,000.

Below is a link to see MLS comps in the area.

Renting:

If you want to rent the property, we would service the HVAC and increase rents to a minimum of $800-$850 at the end of the lease. Three bedroom houses are renting for $1100-$1300/month.If you do basic cosmetic renovations, we believe you could get $1050-$1200/month based on recently leased comps.

Click here to see the photos of the property

Click here to see the Bigger Pockets Flip Analysis

Click here to see the Rental Analysis at current rents

Click here to see the Rental Analysis at $800/mo (below market)

Click here to see the MLS Flip Comps

Click here to see the MLS Leased Comps

Click here to see the neighborhood sale prices

 

Financial/Closing/Rental Information

Asking Price:  $45,000+
BUY IT NOW PRICE: $55,000 (No other showings or competing bids)
Flip Rehab Estimate:  $13,750 (Includes $3,500 of Misc. Expenses)
Rental Rehab Estimate:  $5,000
ARV:  $119,000 (Click Here To See MLS Comps)
Flip Profit: $42,850 (Bigger Pockets Flip Analysis)
Flip ROI: +55% Immediate (Flip Analysis)
Current Rental Returns: 12.51% Cash on Cash Return with (Bigger Pockets Rental Analysis)
Rental Returns at $850/mo: 22% Cash on Cash Return (Bigger Pockets Rental Analysis)
Requirements: Funding secured, Deposit, & Close in 10 days through Southern Law Group

Closing Date:  On or before November 10th, 2019

Closing Attorney:  Southern Law Group

Non-Refundable Deposit: $3,000 sent to Southern Law Group. Refundable only if seller can’t perform within 45 days of closing date

 

 

Address:
420 Donna Ave
Gastonia, NC 28052
Square Feet:
1074
Lot Size:
2.2 Acres
Bedrooms:
3
Bathrooms:
2
Terms:
For Sale
Property Type:
Home
Year Built:
1970

Call (980) 533-4950 for more details

Property Location