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6120 Glenridge Road Charlotte, NC 28211

4 Beds 3 Baths 2,282 sqft Built 1958

INVESTimate

$345,000

List Price

$2,030

$1,827 - $2,233

Rent Est.

$369,944  ( +7.23%)   1 YR EST. FORECAST

PROPERTY INFO

August 25, 2020 RECENTLY ADDED
FACTS
  • Built In 1958
  • Price/Sqft : $151.18
  • 2 Days on Market
  • MLS # : 3654724
  • Updated Date : 08/25/2020 at 12:46
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,282 sqft
  • Baths : 2 full , 1 half
Listing Agent

Hudson Hampton Real Estate Con

Listing Agent's Description

A gem in Stonehaven and nestled on one of the best streets. Look no further for this updated ranch complete with wood flooring throughout the open-concept floor plan. The kitchen includes white cabinetry with granite countertops and new stainless steel appliances. The kitchen opens directly to the living room and foyer. Spacious dining room off of the kitchen that flows into the family room. The master suite has his/her vanities and a walk-in shower. The additional bedrooms are set in a jack and Jill footprint with a bathroom conveniently located between them. Entertain out on the stone patio in the backyard. Home also has a 2-car carport located in the rear of the home with a workshop. Fully fenced back yard. Roof is 5 years old, brand new HVAC (2020), large, sealed crawl space new plumbing and electrical. This home has charm and peace of mind as well all conveniently located to grocery stores, restaurants, uptown, Cotswold shopping center, Southpark and private schools.

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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: Stonehaven

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300k320k340k360kPrice in $116k361k

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

Neighborhood: Stonehaven

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
Rama Road Elementary School Primary Regular 591 41 4
Mcclintock Middle School Middle Regular 855 55 3
East Mecklenburg High School High Regular 1,840 111 6

Rama Road Elementary School

  • Education Level: Primary
  • # of students: 591
  • # of teachers: 41
4
GreatSchools Rating

Mcclintock Middle School

  • Education Level: Middle
  • # of students: 855
  • # of teachers: 55
3
GreatSchools Rating

East Mecklenburg High School

  • Education Level: High
  • # of students: 1,840
  • # of teachers: 111
6
GreatSchools Rating
 

$310,500$379,500$345,000

PURCHASE PRICE

$1,827$2,233$2,030

RENT

DOWN PAYMENT
FINANCING

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$200k$400k$600k$800k$1.0M$1.2M

PROJECTED ANNUAL CASH FLOW

11530$0.0$5.0k$10k$15k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k$1.0M

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,030
EXPENSES Loan Payment -$1,273
Property Tax -$355
Property Insurance -$70
Property Management Fees -$183
CASH FLOW
$149

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.

$345,000

PROJECTED PRICE

$2,030

PROJECTED RENT

0.59%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.48%
Appreciation Year (1-5) 7.23%
Maintenance Year (1-5) 8.00%
Vacancy 6.31%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$97,175

INVESTMENT

$97,175

Down Payment
$86,250
Rehab Estimate
$5,750
Closing Costs
$5,175

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,273

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $86,250
Loan Amount $258,750
See What Happens When You Reinvest Cash Flow

7

YEARS SAVED

$34,774

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,030

    LIST RENT
  • $0.89

    LIST RENT PER SQFT
  • $2,356

    COMP ESTIMATED VALUE
  • $1.03

    COMP AVG. RENT PER SQFT
Comps Range
$1,950
1$1,9502$2,0303$2,1004$2,1995$2,295
$2,295
RENT COMPS ANALYSIS
  • 6120 Glenridge Road Charlotte, NC 2
    • 4 beds 3 baths ∙ 2,282 Sqft ∙ Built 1958 4 beds 3 baths ∙ 2,282 Sqft ∙ Built 1958
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $2,030
    • $0.89
    •  
  • 6609 Morganford Road Charlotte, NC 1
    • 4 beds 3 baths ∙ 1,974 Sqft ∙ Built 1983 4 beds 3 baths ∙ 1,974 Sqft ∙ Built 1983
    property image
    LEASED 08/05/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,950
    • $0.99
    •  
  • 5544 Lansing Drive Charlotte, NC 3
    • 4 beds 2 baths ∙ 2,186 Sqft ∙ Built 1963 4 beds 2 baths ∙ 2,186 Sqft ∙ Built 1963
    property image
    LEASED 01/22/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,100
    • $0.96
    •  
  • 5900 Kirkpatrick Road Charlotte, NC 4
    • 4 beds 2 baths ∙ 2,100 Sqft ∙ Built 1969 4 beds 2 baths ∙ 2,100 Sqft ∙ Built 1969
    property image
    LEASED 06/16/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,199
    • $1.05
    •  
  • 5430 Finsbury Place Charlotte, NC 5
    • 3 beds 2 baths ∙ 2,119 Sqft ∙ Built 1956 3 beds 2 baths ∙ 2,119 Sqft ∙ Built 1956
    property image
    LEASED 03/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,295
    • $1.08
    •  
PROPERTY LISTING DETAILS
Jenneane Tillman
1.704.907.4405
Hudson Hampton Real Estate Con
BESbswy