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6214 Lake Forest Road E Charlotte, NC 28227

3 Beds 2 Baths 1,764 sqft Built 1959

$239,900

List Price

$1,400

$1.3K - $1.5K

Rent Est.

PROPERTY INFO

FACTS
  • Single Family
  • Built In 1959
  • Price/Sqft : $136.00
  • 20 Days on Market
  • MLS # : 3699713
  • Updated Date : 02/05/2021 at 00:05
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,764 sqft
  • Baths : 2 full
Listing Agent

Terpenning Inc.

Listing Agent's Description

Estate. Property being sold AS-IS. Nice floor plan with original hardwoods. Needs some TLC. Walk in crawl space can store a lot of items. Full brick. Large deck in the back. 2 car carport. Floored attic space. Irrigation. Beautiful yard with large trees.

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • 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)

PRICE & RENT TRENDS

Neighborhood: Hickory Ridge

NeighborhoodNIR Market*CityMarket2010Year2000201980k100k120k140k160k180k200k220kPrice in $74k235k

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

Neighborhood: Hickory Ridge

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
Hickory Grove Elementary School Primary Regular 1,010 61 6
Cochrane Collegiate Academy Middle Regular 702 48 2
Cochrane Collegiate Academy High Regular 702 48 2

Hickory Grove Elementary School

  • Education Level: Primary
  • # of students: 1,010
  • # of teachers: 61
6
GreatSchools Rating

Cochrane Collegiate Academy

  • Education Level: Middle
  • # of students: 702
  • # of teachers: 48
2
GreatSchools Rating

Cochrane Collegiate Academy

  • Education Level: High
  • # of students: 702
  • # of teachers: 48
2
GreatSchools Rating
 

$215,910$263,890$239,900

PURCHASE PRICE

$1,260$1,540$1,400

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,400
EXPENSES Loan Payment -$833
Property Tax -$209
Property Insurance -$60
Property Management Fees -$119
CASH FLOW
$178

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.

$239,900

PROJECTED PRICE

$1,400

PROJECTED RENT

0.58%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.94%
Appreciation Year (1-5) 8.8%
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$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k$14k

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$69,324

INVESTMENT

$69,324

Down Payment
$59,975
Rehab Estimate
$5,750
Closing Costs
$3,599

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 35% down payment or higher enables the proceeds from the asset to cover all costs.

$833

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $59,975
Loan Amount $179,925
See What Happens When You Reinvest Cash Flow

9.08

YEARS SAVED

$29,555

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,400

    LIST RENT
  • $0.79

    LIST RENT PER SQFT
  • $1,411

    COMP ESTIMATED VALUE
  • $0.8

    COMP AVG. RENT PER SQFT
Comps Range
$1,250
1$1,2502$1,3953$1,4004$1,4255$1,500
$1,500
RENT COMPS ANALYSIS
  • 6214 Lake Forest Road E Charlotte, NC 3
    • 3 beds 2 baths ∙ 1,764 Sqft ∙ Built 1959 3 beds 2 baths ∙ 1,764 Sqft ∙ Built 1959
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,400
    • $0.79
    •  
  • 6600 Raeburn Lane Charlotte, NC 1
    • 3 beds 3 baths ∙ 1,600 Sqft ∙ Built 1986 3 beds 3 baths ∙ 1,600 Sqft ∙ Built 1986
    property image
    LEASED 12/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,250
    • $0.78
    •  
  • 7112 Sycamore Grove Court Charlotte, NC 2
    • 3 beds 3 baths ∙ 1,823 Sqft ∙ Built 2006 3 beds 3 baths ∙ 1,823 Sqft ∙ Built 2006
    property image
    LEASED 04/30/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,395
    • $0.77
    •  
  • 8401 Dunsinane Drive Charlotte, NC 4
    • 3 beds 2 baths ∙ 1,688 Sqft ∙ Built 1973 3 beds 2 baths ∙ 1,688 Sqft ∙ Built 1973
    property image
    LEASED 03/16/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,425
    • $0.84
    •  
  • 6401 Woodbridge Road Charlotte, NC 5
    • 3 beds 2 baths ∙ 1,850 Sqft ∙ Built 1980 3 beds 2 baths ∙ 1,850 Sqft ∙ Built 1980
    property image
    LEASED 01/19/21
    • Rent
    • Rent Per SQFT
    •  
    • $1,500
    • $0.81
    •  
PROPERTY LISTING DETAILS
Monica Terpenning
1.704.408.7525
Terpenning Inc.
BESbswy