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6216 Hickory Cove Lane Charlotte, NC 28269

5 Beds 3 Baths 2,395 sqft Built 1993

$345,000

List Price

$1,700

$1.5K - $1.9K

Rent Est.

PROPERTY INFO

FACTS
  • Single Family
  • Built In 1993
  • Price/Sqft : $144.05
  • 16 Days on Market
  • MLS # : 3675842
  • Updated Date : 12/05/2020 at 00:17
CONSTRUCTION
  • Beds : 5
  • Floor Size : 2,395 sqft
  • Baths : 2 full , 1 half
Listing Agent

Keller Williams Ballantyne Area

Listing Agent's Description

Welcome Home! This Highland Creek beauty on Cul-de-sac lot has over $60,000 of upgrades ready for you to move right in! As soon as you walk in the 2 story Foyer you will feel the warmth of this home with the solid wood floors on main and black metal balusters on staircase. Enjoy the Open Floor plan, Gourmet Kitchen with Granite Island, S/S appliances, and Main Floor Master Suite with beautifully upgraded Master Bath. Huge Custom Marble Tiled Seamless Shower, Quartz countertop, and Double Elevated Sinks! Don't forget to check out the large walk in MBR closet with 2 windows! 2 story Great Room with fireplace overlooking treed backyard that backs to Greenway. Large TREX deck across the back with gorgeous views! Upstairs you will find an incredible Media Room/Man Cave or could be your 5th bedroom. ALL of the windows have been replaced and they have lifetime transferrable warranty to new owners! This home has been lovingly maintained and it shows! Come check it out before it's gone!

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: Springhurst

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300kPrice in $116k318k

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

Neighborhood: Springhurst

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
 

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

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 -$1,273
Property Tax -$301
Property Insurance -$72
HOA -$54
Property Management Fees -$119
CASH FLOW
-$119

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

$1,700

PROJECTED RENT

0.49%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.48%
Appreciation Year (1-5) 4.7%
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-$4.0k-$2.0k$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$200k$400k$600k$800k

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 55% 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

3.92

YEARS SAVED

$14,821

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
  • $0.71

    LIST RENT PER SQFT
  • $1,826

    COMP ESTIMATED VALUE
  • $0.76

    COMP AVG. RENT PER SQFT
Comps Range
$1,700
1$1,7002$1,7003$1,7504$1,8455$1,995
$1,995
RENT COMPS ANALYSIS
  • 6216 Hickory Cove Lane Charlotte, NC 2
    • 5 beds 3 baths ∙ 2,395 Sqft ∙ Built 1993 5 beds 3 baths ∙ 2,395 Sqft ∙ Built 1993
    • Rent
    • Rent Per SQFT
    •  
    • $1,700
    • $0.71
    •  
  • 10014 Rocky Ford Club Road Charlotte, NC 1
    • 4 beds 3 baths ∙ 2,267 Sqft ∙ Built 2009 4 beds 3 baths ∙ 2,267 Sqft ∙ Built 2009
    LEASED 07/02/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,700
    • $0.75
    •  
  • 10015 Rocky Ford Club Road Charlotte, NC 3
    • 4 beds 3 baths ∙ 2,306 Sqft ∙ Built 2010 4 beds 3 baths ∙ 2,306 Sqft ∙ Built 2010
    LEASED 06/24/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,750
    • $0.76
    •  
  • 6211 Ash Cove Lane Charlotte, NC 4
    • 4 beds 3 baths ∙ 2,420 Sqft ∙ Built 1992 4 beds 3 baths ∙ 2,420 Sqft ∙ Built 1992
    LEASED 02/21/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,845
    • $0.76
    •  
  • 2121 Highland Knoll Drive Charlotte, NC 5
    • 4 beds 4 baths ∙ 2,565 Sqft ∙ Built 2020 4 beds 4 baths ∙ 2,565 Sqft ∙ Built 2020
    LEASED 09/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,995
    • $0.78
    •  
PROPERTY LISTING DETAILS
Lisha Maxwell
1.704.284.4094
Keller Williams Ballantyne Area
BESbswy