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6216 Hickory Ridge Lane Charlotte, NC 28227

4 Beds 3 Baths 1,765 sqft Built 1978

$237,500

List Price

$1,560

$1.4K - $1.7K

Rent Est.

PROPERTY INFO

FACTS
  • Single Family
  • Built In 1978
  • Price/Sqft : $134.56
  • 23 Days on Market
  • MLS # : 3681663
  • Updated Date : 12/05/2020 at 00:59
CONSTRUCTION
  • Beds : 4
  • Floor Size : 1,765 sqft
  • Baths : 2 full , 1 half
Listing Agent

Mathers Realty.com

Listing Agent's Description

NO SIGN in yard. The property will be shown 5:30-8:30; Showings until 7:00 pm THURSDAYS and FRIDAYS. Awesome buy in a great location…easy access to 485 & Downtown Charlotte. This house has 4 bedrooms, 2.5 baths, located in a very quiet cul-de-sac. For private moments or entertainment the house has a large backyard with a fence and plenty of shade. Laminate flooring throughout! The property has beautiful 46 inch cabinets with lighting underneath. Upgrades includes dishwasher, stove & microwave. Below the beautiful granite counter top is a built-in "wine cooler" located in the "Eat in kitchen breakfast bar". Notice the remote controlled ceiling fan and lights in the family room in addition to the mounted Sony speakers that will convey with the property. For your winter pleasure there is a beautiful completely refurbished wooden fireplace. The garage has a manual control pad in case you forget 1 of the 4 remote controls Please follow the COVID 19 guidelines.

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: 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
J.h. Gunn Elementary School Primary Regular 695 42 2
Albemarle Road Middle School Middle Regular 1,198 64 2
Rocky River High School High Regular 1,710 90 3

J.h. Gunn Elementary School

  • Education Level: Primary
  • # of students: 695
  • # of teachers: 42
2
GreatSchools Rating

Albemarle Road Middle School

  • Education Level: Middle
  • # of students: 1,198
  • # of teachers: 64
2
GreatSchools Rating

Rocky River High School

  • Education Level: High
  • # of students: 1,710
  • # of teachers: 90
3
GreatSchools Rating
 

$213,750$261,250$237,500

PURCHASE PRICE

$1,404$1,716$1,560

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,560
EXPENSES Loan Payment -$876
Property Tax -$207
Property Insurance -$60
Property Management Fees -$119
CASH FLOW
$297

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.

$237,500

PROJECTED PRICE

$1,560

PROJECTED RENT

0.66%

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$16k$18k

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$68,688

INVESTMENT

$68,688

Down Payment
$59,375
Rehab Estimate
$5,750
Closing Costs
$3,563

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 25% down payment or higher enables the proceeds from the asset to cover all costs.

$876

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $59,375
Loan Amount $178,125
See What Happens When You Reinvest Cash Flow

11.58

YEARS SAVED

$49,300

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,560

    LIST RENT
  • $0.88

    LIST RENT PER SQFT
  • $1,527

    COMP ESTIMATED VALUE
  • $0.87

    COMP AVG. RENT PER SQFT
Comps Range
$1,350
1$1,3502$1,3953$1,4254$1,4955$1,560
$1,560
RENT COMPS ANALYSIS
  • 6216 Hickory Ridge Lane Charlotte, NC 5
    • 4 beds 3 baths ∙ 1,765 Sqft ∙ Built 1978 4 beds 3 baths ∙ 1,765 Sqft ∙ Built 1978
    • Rent
    • Rent Per SQFT
    •  
    • $1,560
    • $0.88
    •  
  • 6315 Holly Knoll Drive Charlotte, NC 1
    • 3 beds 3 baths ∙ 1,598 Sqft ∙ Built 1978 3 beds 3 baths ∙ 1,598 Sqft ∙ Built 1978
    LEASED 06/20/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,350
    • $0.84
    •  
  • 6217 Bandy Drive Charlotte, NC 2
    • 4 beds 2 baths ∙ 1,634 Sqft ∙ Built 1986 4 beds 2 baths ∙ 1,634 Sqft ∙ Built 1986
    LEASED 05/06/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,395
    • $0.85
    •  
  • 8401 Dunsinane Drive Charlotte, NC 3
    • 3 beds 2 baths ∙ 1,688 Sqft ∙ Built 1973 3 beds 2 baths ∙ 1,688 Sqft ∙ Built 1973
    LEASED 03/16/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,425
    • $0.84
    •  
  • 8019 Glencannon Drive Charlotte, NC 4
    • 4 beds 3 baths ∙ 1,608 Sqft ∙ Built 1989 4 beds 3 baths ∙ 1,608 Sqft ∙ Built 1989
    LEASED 07/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,495
    • $0.93
    •  
PROPERTY LISTING DETAILS
Craig Campbell
1.704.839.9328
Mathers Realty.com
BESbswy