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6208 King George Drive Charlotte, NC 28213

3 Beds 2 Baths 1,400 sqft Built 1960

$260,000

List Price

$1,280

$1.2K - $1.4K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
March 20, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1960
  • Price/Sqft : $185.71
  • 6 Days on Market
  • MLS # : 3718967
  • Updated Date : 03/20/2021 at 11:37
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,400 sqft
  • Baths : 2 full
Listing Agent

Bang Realty-north Carolina

Listing Agent's Description

Beautiful home inside and out. Recent updates in the open kitchen and dining area. Roof is only two years old. Great floor plan including the heated and cooled basement that could be used as a game room plus a home office. Lots of storage in the attic. This home has been well maintained and it shows wonderfully. Doors have security doorbells Recent upgrades to the carport also. Located just over a mile from the light rail line which includes free parking.

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: Newell South

NeighborhoodNIR Market*CityMarket2010Year2000201980k100k120k140k160k180k200k220kPrice in $74k235k

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

Neighborhood: Newell South

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2700800900100011001200130014001500Rent in $6771518

* 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
Newell Elementary School Primary Regular 818 47 4
Martin Luther King Jr Middle School Middle Regular 1,102 57 2
Vance High School High Regular 1,714 91 3

Newell Elementary School

  • Education Level: Primary
  • # of students: 818
  • # of teachers: 47
4
GreatSchools Rating

Martin Luther King Jr Middle School

  • Education Level: Middle
  • # of students: 1,102
  • # of teachers: 57
2
GreatSchools Rating

Vance High School

  • Education Level: High
  • # of students: 1,714
  • # of teachers: 91
3
GreatSchools Rating
 

$234,000$286,000$260,000

PURCHASE PRICE

$1,152$1,408$1,280

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,280
EXPENSES Loan Payment -$903
Property Tax -$227
Property Insurance -$54
Property Management Fees -$119
CASH FLOW
-$22

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.

$260,000

PROJECTED PRICE

$1,280

PROJECTED RENT

0.49%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.94%
Appreciation Year (1-5) 9.8%
Maintenance Year (1-5) 8.00%
Vacancy 6.02%
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-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k$10k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$74,650

INVESTMENT

$74,650

Down Payment
$65,000
Rehab Estimate
$5,750
Closing Costs
$3,900

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$903

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $65,000
Loan Amount $195,000
See What Happens When You Reinvest Cash Flow

4.83

YEARS SAVED

$12,575

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,280

    LIST RENT
  • $0.91

    LIST RENT PER SQFT
  • $1,271

    COMP ESTIMATED VALUE
  • $0.91

    COMP AVG. RENT PER SQFT
Comps Range
$1,249
1$1,2492$1,2803$1,3454$1,3955$1,595
$1,595
RENT COMPS ANALYSIS
  • 6208 King George Drive Charlotte, NC 2
    • 3 beds 2 baths ∙ 1,400 Sqft ∙ Built 1960 3 beds 2 baths ∙ 1,400 Sqft ∙ Built 1960
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,280
    • $0.91
    •  
  • 6273 Branch Hill Circle Charlotte, NC 1
    • 3 beds 2 baths ∙ 1,500 Sqft ∙ Built 1981 3 beds 2 baths ∙ 1,500 Sqft ∙ Built 1981
    property image
    LEASED 10/08/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,249
    • $0.83
    •  
  • 908 Foxborough Road Charlotte, NC 3
    • 3 beds 2 baths ∙ 1,432 Sqft ∙ Built 1985 3 beds 2 baths ∙ 1,432 Sqft ∙ Built 1985
    property image
    LEASED 11/21/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,345
    • $0.94
    •  
  • 411 Gray Drive Charlotte, NC 4
    • 3 beds 2 baths ∙ 1,453 Sqft ∙ Built 1956 3 beds 2 baths ∙ 1,453 Sqft ∙ Built 1956
    property image
    LEASED 05/19/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,395
    • $0.96
    •  
  • 7814 Hereford Street Charlotte, NC 5
    • 3 beds 2 baths ∙ 1,715 Sqft ∙ Built 2014 3 beds 2 baths ∙ 1,715 Sqft ∙ Built 2014
    property image
    LEASED 02/21/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,595
    • $0.93
    •  
PROPERTY LISTING DETAILS
Dennis Donahue
1.704.458.7565
Bang Realty-north Carolina
1.866.250.5610
Carolina Multiple Listing Services ( Carolina)
MLS #: 3718967
Last Updated: 03/20/2021
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