305 Hillcrest Ave, Gastonia, NC Available

  • 2 beds
  • 1 baths
  • 898 sqft

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

 

It is located just 1 mile from downtown Gastonia and the FUSE District (New baseball stadium).  If you haven’t heard, Gastonia is undergoing a massive redevelopment project with a renovated downtown, brand new baseball stadium, boutique hotel, retail stores, luxury apartments, boutique restaurants and the new culinary school are 4 minutes away from this property. You can see the FUSE District development progress here.

Renovated property prices near downtown have been shooting through the roof ($199,000+) with the flood of shopping, entertainment and jobs coming to the area.

 

 

This property is vacant

 

Property Details:

  • 2 Bedrooms & 1 Bathrooms
  • 898 Square Feet
  • House is sound and just needs cosmetic updating
  • House is on a double sized lot (125′ x 118′)
  • Could be subdivided with +50′ of road frontage

 

The property is in good condition and could use your typical cosmetic updating and a new HVAC. Depending on what you wanted to do with the property, you could also consider replacing the roof.

 

Rental and Sale Comps:

The comps for this property are $120,000-$140,000 within 0.75 miles of the property. 4/5 of them are smaller houses. The house at 513 Hillcrest Ave Gastonia  sold for $137k as a 2/1 with only 4 days on market. The house at 624 Johns Ln sold for $125k as a 1/1 with 8 days on market. 403 Hillcrest Ave was just listed on 2/3/2020 at $155k as a 2 bed, 2 bath.

We believe this house could sell for an equal price of $132,000-$145,000 depending on finishes.

We believe that the rent this house could command is between $900-$1,000/mo.

 

Click here to see Pictures & Full length Video

Click here to see the Bigger Pockets Flip Analysis

Click here to see the Bigger Pockets Rental Analysis

 

Financial/Closing/Rental Information

Starting Price:  $70,000+
BUY IT NOW PRICE: $80,000 (No other showings or competing bids)
Flip Rehab Estimate:  $25,000
Rental Rehab Estimate:  $12,000
ARV:  $132,000-$145,000
Flip Profit: $22,000 (20.5% return in 60-90 Days) (Bigger Pockets Flip Analysis)
Rental Returns at $900/mo: 10.7% CAP rate & $413/mo cashflow, 14.7% Cash on Cash Return financed (Rental Analysis)
Requirements: Funding secured, Deposit, & Close in 10 days through Southern Law Group

Closing Date:  Close within 14 Days of Offer Acceptance

Closing Attorney:  Southern Law Group

Non-Refundable Deposit: $4,000 sent to Southern Law Group. Refundable only if seller can’t perform within 45 days of closing date

 

To discuss this property, please call/text us at: 704-269-4399

Address:
3XX Hillcrest Ave
Gastonia, NC 28052
Square Feet:
898
Lot Size:
0.31 Acres
Bedrooms:
2
Bathrooms:
1
Terms:
Assignment of Contract
Property Type:
Home
Year Built:
1948

Call (980) 533-4950 for more details

Property Location