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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

305 Hillcrest Ave, Gastonia, NC Available