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6007 Crape Myrtle Lane Charlotte, NC 28216

3 Beds 2 Baths 1,109 sqft Built 2001

$180,000

List Price

$1,180

$1.1K - $1.3K

Rent Est.

PROPERTY INFO

February 11, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2001
  • Price/Sqft : $162.31
  • 4 Days on Market
  • MLS # : 3701333
  • Updated Date : 02/13/2021 at 09:16
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,109 sqft
  • Baths : 2 full
Listing Agent

Fathom Realty

Listing Agent's Description

Adorable 3 bedroom 2 bath ranch home with rocking chair front porch in a quiet neighborhood but yet in a convenient location. Living room with gas log fireplace to cozy up to on those cold winter evenings. Three bedrooms and two full baths in a compact well thought out floor plan. Perfect for 1st time home buyers, retiree or someone looking to end the drudgery of maintaining a lawn. All exterior maintenance, lawn maintenance, water and sewer included with HOA monthly dues. New refrigerator and microwave. Washer and dryer remain. New roof 2017. Sliding doors are fogged but seller left it that way for privacy.

SEE MORE

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: Oakdale North

NeighborhoodNIR Market*CityMarket2010Year20002019100k110k120k130k140k150k160k170k180k190k200k210k220k230kPrice in $97k235k

* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR

Neighborhood: Oakdale North

NeighborhoodNIR Market*CityMarket2010Year20002019 Q280085090095010001050110011501200125013001350140014501500Rent in $7901518

* 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
Oakdale Elementary School Primary Regular 646 38 2
Ranson Middle School Middle Regular 1,138 57 3
West Charlotte High School High Regular 1,777 109 3

Oakdale Elementary School

  • Education Level: Primary
  • # of students: 646
  • # of teachers: 38
2
GreatSchools Rating

Ranson Middle School

  • Education Level: Middle
  • # of students: 1,138
  • # of teachers: 57
3
GreatSchools Rating

West Charlotte High School

  • Education Level: High
  • # of students: 1,777
  • # of teachers: 109
3
GreatSchools Rating
 

$162,000$198,000$180,000

PURCHASE PRICE

$1,062$1,298$1,180

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,180
EXPENSES Loan Payment -$625
Property Tax -$157
Property Insurance -$48
HOA -$135
Property Management Fees -$119
CASH FLOW
$96

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 15% of earned rent to cover both maintenance and periods of vacancy.

$180,000

PROJECTED PRICE

$1,180

PROJECTED RENT

0.66%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.98%
Appreciation Year (1-5) 9.0%
Maintenance Year (1-5) 8.00%
Vacancy 6.57%
Length of Stay Years 2

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$10k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$53,450

INVESTMENT

$53,450

Down Payment
$45,000
Rehab Estimate
$5,750
Closing Costs
$2,700

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 45% down payment or higher enables the proceeds from the asset to cover all costs.

$625

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $45,000
Loan Amount $135,000
See What Happens When You Reinvest Cash Flow

7.25

YEARS SAVED

$15,687

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,180

    LIST RENT
  • $1.06

    LIST RENT PER SQFT
  • $1,065

    COMP ESTIMATED VALUE
  • $0.96

    COMP AVG. RENT PER SQFT
Comps Range
$1,180
1$1,1802$1,1993$1,2254$1,2995$1,350
$1,350
RENT COMPS ANALYSIS
  • 6007 Crape Myrtle Lane Charlotte, NC 1
    • 3 beds 2 baths ∙ 1,109 Sqft ∙ Built 2001 3 beds 2 baths ∙ 1,109 Sqft ∙ Built 2001
    • Rent
    • Rent Per SQFT
    •  
    • $1,180
    • $1.06
    •  
  • 5411 Peachwood Drive Charlotte, NC 2
    • 3 beds 2 baths ∙ 1,260 Sqft ∙ Built 2003 3 beds 2 baths ∙ 1,260 Sqft ∙ Built 2003
    LEASED 10/02/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,199
    • $0.95
    •  
  • 1510 Verese Court Charlotte, NC 3
    • 3 beds 2 baths ∙ 1,223 Sqft ∙ Built 3 beds 2 baths ∙ 1,223 Sqft ∙ Built
    LEASED 04/13/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,225
    • $1.00
    •  
  • 1513 Crandon Drive Charlotte, NC 4
    • 3 beds 3 baths ∙ 1,385 Sqft ∙ Built 2003 3 beds 3 baths ∙ 1,385 Sqft ∙ Built 2003
    LEASED 03/20/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,299
    • $0.94
    •  
  • 2907 Pirates Place Charlotte, NC 5
    • 3 beds 3 baths ∙ 1,451 Sqft ∙ Built 2004 3 beds 3 baths ∙ 1,451 Sqft ∙ Built 2004
    LEASED 02/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,350
    • $0.93
    •  
PROPERTY LISTING DETAILS
Dennis Steenwyk
1.704.951.5878
Fathom Realty
BESbswy