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6207 Gatesville Lane Charlotte, NC 28270

3 Beds 2 Baths 1,317 sqft Built 2000

$274,900

List Price

$1,380

$1.2K - $1.5K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
FACTS
  • Single Family
  • Built In 2000
  • Price/Sqft : $208.73
  • 20 Days on Market
  • MLS # : 3706111
  • Updated Date : 03/06/2021 at 13:12
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,317 sqft
  • Baths : 2 full
Listing Agent

Keller Williams South Park

Listing Agent's Description

Don't miss your chance at this updated 3 bedroom, 2 full bath home in popular McKee Woods. With a beautiful open floorplan & vaulted living room ceiling, the heart of the home overlooks the private fenced backyard w/ mature trees & patio for entertaining. Freshly painted throughout w/ new carpet in the bedrooms, new bathroom flooring, updated vanity, new fixtures & hardware throughout. Just move right in & unpack! Conveniently located close to I-485, Providence Rd & Weddington Rd. You'll be hard pressed to run out of options w/ all that's offered at Waverly, McKee Farms, Plantation Market, Providence Commons & more. And with access to Colonel Francis Beatty Park within walking distance of your front door, you'll have plenty of outdoor activity at the ready...265 acres of walking trails & biking trails, basketball & tennis courts, baseball & soccer fields, multiple picnic areas & even a lake with kayaking, fishing & canoeing! Interior photos coming 3/2. Selling as-is, no repairs.

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: Providence Estates East

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300k320k340kPrice in $116k342k

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

Neighborhood: Providence Estates East

NeighborhoodNIR Market*CityMarket2010Year20002019 Q29001000110012001300140015001600170018001900Rent in $8441924

* 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
Mckee Road Elementary School Primary Regular 493 30 9
Jay M. Robinson Middle School Middle Regular 1,101 51 10
Providence High School High Regular 1,991 94 9

Mckee Road Elementary School

  • Education Level: Primary
  • # of students: 493
  • # of teachers: 30
9
GreatSchools Rating

Jay M. Robinson Middle School

  • Education Level: Middle
  • # of students: 1,101
  • # of teachers: 51
10
GreatSchools Rating

Providence High School

  • Education Level: High
  • # of students: 1,991
  • # of teachers: 94
9
GreatSchools Rating
 

$247,410$302,390$274,900

PURCHASE PRICE

$1,242$1,518$1,380

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,380
EXPENSES Loan Payment -$955
Property Tax -$240
Property Insurance -$52
HOA -$22
Property Management Fees -$119
CASH FLOW
-$7

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.

$274,900

PROJECTED PRICE

$1,380

PROJECTED RENT

0.50%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.48%
Appreciation Year (1-5) 5.1%
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$100k$200k$300k$400k$500k$600k$700k$800k

PROJECTED ANNUAL CASH FLOW

11530-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$78,599

INVESTMENT

$78,599

Down Payment
$68,725
Rehab Estimate
$5,750
Closing Costs
$4,124

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 50% down payment or higher enables the proceeds from the asset to cover all costs.

$955

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $68,725
Loan Amount $206,175
See What Happens When You Reinvest Cash Flow

5.5

YEARS SAVED

$16,159

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,380

    LIST RENT
  • $1.05

    LIST RENT PER SQFT
  • $1,383

    COMP ESTIMATED VALUE
  • $1.05

    COMP AVG. RENT PER SQFT
Comps Range
$1,380
1$1,3802$1,4953$1,5954$1,600
$1,600
RENT COMPS ANALYSIS
  • 6207 Gatesville Lane Charlotte, NC 1
    • 3 beds 2 baths ∙ 1,317 Sqft ∙ Built 2000 3 beds 2 baths ∙ 1,317 Sqft ∙ Built 2000
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,380
    • $1.05
    •  
  • 2138 Mckenzie Creek Drive Charlotte, NC 2
    • 3 beds 3 baths ∙ 1,436 Sqft ∙ Built 1999 3 beds 3 baths ∙ 1,436 Sqft ∙ Built 1999
    property image
    LEASED 02/06/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,495
    • $1.04
    •  
  • 2132 Mckenzie Creek Charlotte, NC 3
    • 3 beds 3 baths ∙ 1,515 Sqft ∙ Built 1999 3 beds 3 baths ∙ 1,515 Sqft ∙ Built 1999
    property image
    LEASED 12/20/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,595
    • $1.05
    •  
  • 2008 Chinabrook Court Charlotte, NC 4
    • 3 beds 3 baths ∙ 1,507 Sqft ∙ Built 1999 3 beds 3 baths ∙ 1,507 Sqft ∙ Built 1999
    property image
    LEASED 03/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,600
    • $1.06
    •  
PROPERTY LISTING DETAILS
Tracy Cummins
1.704.516.5877
Keller Williams South Park
1.866.250.5610
Carolina Multiple Listing Services ( Carolina)
MLS #: 3706111
Last Updated: 03/06/2021
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