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6025 Downfield Wood Drive Charlotte, NC 28269

3 Beds 3 Baths 1,968 sqft Built 1995

$300,000

List Price

$1,700

$1.5K - $1.9K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
February 26, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1995
  • Price/Sqft : $152.44
  • 4 Days on Market
  • MLS # : 3710871
  • Updated Date : 02/27/2021 at 12:49
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,968 sqft
  • Baths : 2 full , 1 half
Listing Agent

Wilkinson Era Real Estate

Listing Agent's Description

Fantastic updated open concept living in sought after Highland Creek! The warm 2 story foyer invites you in with neutral colors, luxury vinyl plank flooring throughout, and abundant natural light. Formal living/dining room combo on the front of the home and open/spacious kitchen and great room off the back. Desirable white kitchen with stainless steel appliances, white quartz countertops, and tile backsplash. Enjoy a morning coffee or entertain friends on the back deck and fire pit area in the private fully fenced back yard. All bedrooms are upstairs including a serene master suite! Move in ready - Many community amenities including four pools, fitness center, sports club, golf course, running trails, fishing ponds, multiple parks and playgrounds!

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • 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)

PRICE & RENT TRENDS

Neighborhood: Downfield Wood

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300kPrice in $116k318k

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

Neighborhood: Downfield Wood

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2900100011001200130014001500160017001800Rent in $8441809

* 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
Highland Creek Elementary School Primary Regular 1,105 57 7
Ridge Road Middle School Middle Regular 1,285 65 6
Mallard Creek High School High Regular 2,472 123 6

Highland Creek Elementary School

  • Education Level: Primary
  • # of students: 1,105
  • # of teachers: 57
7
GreatSchools Rating

Ridge Road Middle School

  • Education Level: Middle
  • # of students: 1,285
  • # of teachers: 65
6
GreatSchools Rating

Mallard Creek High School

  • Education Level: High
  • # of students: 2,472
  • # of teachers: 123
6
GreatSchools Rating
 

$270,000$330,000$300,000

PURCHASE PRICE

$1,530$1,870$1,700

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,700
EXPENSES Loan Payment -$1,042
Property Tax -$275
Property Insurance -$64
HOA -$55
Property Management Fees -$119
CASH FLOW
$145

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 14% of earned rent to cover both maintenance and periods of vacancy.

$300,000

PROJECTED PRICE

$1,700

PROJECTED RENT

0.57%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.48%
Appreciation Year (1-5) 5.9%
Maintenance Year (1-5) 8.00%
Vacancy 6.31%
Length of Stay Years 2

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$200k$400k$600k$800k$1.0M

PROJECTED ANNUAL CASH FLOW

11530$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k$14k$16k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$100k$200k$300k$400k$500k$600k$700k$800k$900k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$85,250

INVESTMENT

$85,250

Down Payment
$75,000
Rehab Estimate
$5,750
Closing Costs
$4,500

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,042

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $75,000
Loan Amount $225,000
See What Happens When You Reinvest Cash Flow

8

YEARS SAVED

$31,068

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,700

    LIST RENT
  • $0.86

    LIST RENT PER SQFT
  • $1,692

    COMP ESTIMATED VALUE
  • $0.86

    COMP AVG. RENT PER SQFT
Comps Range
$1,550
1$1,5502$1,5853$1,7004$1,7255$1,725
$1,725
RENT COMPS ANALYSIS
  • 6025 Downfield Wood Drive Charlotte, NC 3
    • 3 beds 3 baths ∙ 1,968 Sqft ∙ Built 1995 3 beds 3 baths ∙ 1,968 Sqft ∙ Built 1995
    • Rent
    • Rent Per SQFT
    •  
    • $1,700
    • $0.86
    •  
  • 12714 Candle Leaf Court Charlotte, NC 1
    • 3 beds 3 baths ∙ 1,917 Sqft ∙ Built 2001 3 beds 3 baths ∙ 1,917 Sqft ∙ Built 2001
    LEASED 03/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,550
    • $0.81
    •  
  • 6000 Beech Cove Lane Charlotte, NC 2
    • 3 beds 3 baths ∙ 1,938 Sqft ∙ Built 1992 3 beds 3 baths ∙ 1,938 Sqft ∙ Built 1992
    LEASED 02/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,585
    • $0.82
    •  
  • 6000 Elm Cove Lane Charlotte, NC 4
    • 3 beds 3 baths ∙ 1,907 Sqft ∙ Built 1992 3 beds 3 baths ∙ 1,907 Sqft ∙ Built 1992
    LEASED 03/09/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,725
    • $0.90
    •  
  • 7636 Lady Bank Drive Charlotte, NC 5
    • 3 beds 3 baths ∙ 1,890 Sqft ∙ Built 1995 3 beds 3 baths ∙ 1,890 Sqft ∙ Built 1995
    LEASED 05/04/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,725
    • $0.91
    •  
PROPERTY LISTING DETAILS
Gina Creson
1.803.322.4473
Wilkinson Era Real Estate
1.866.250.5610
Carolina Multiple Listing Services ( Carolina)
MLS #: 3710871
Last Updated: 02/27/2021
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