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6222 Robin Hollow Drive # L117 Mint Hill, NC 28227

4 Beds 3 Baths 3,130 sqft Built 2001

INVESTimate

$440,000

List Price

$2,230

$2,007 - $2,453

Rent Est.

$462,792  ( +5.18%)   1 YR EST. FORECAST

PROPERTY INFO

FACTS
  • Built In 2001
  • Price/Sqft : $140.58
  • 10 Days on Market
  • MLS # : 3651922
  • Updated Date : 08/17/2020 at 18:52
CONSTRUCTION
  • Beds : 4
  • Floor Size : 3,130 sqft
  • Baths : 2 full , 1 half
Listing Agent

Sellstate Exclusive Realty

Listing Agent's Description

Beautifully renovated full brick home on a 1/2 acre lot in the much sought after Ellington Farm neighborhood. This home boast new outdoor living space, paint, hardwood floors, appliances, granite countertops with tile backsplash, carpet and much more. The entry foyer flows into a large two story living room with fireplace ideally suited for entertaining! Also, on the main floor, master has an updated bathroom with tile throughout , granite vanity, frameless glass shower w a rain head fixture, & a large walk-in closet w built-ins. Upstairs you will find a large bonus room with plenty of storage throughout. Newly renovated rooms, freshly painted throughout and conveniently located to everything, this home will not last long!

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: Mint Hill

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280kPrice in $113k291k

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

Neighborhood: Mint Hill

NeighborhoodNIR Market*CityMarket2010Year20002019 Q290010001100120013001400150016001700Rent in $8421713

* 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
Bain Elementary School Primary Regular 899 49 10
Mint Hill Middle School Middle Regular 1,249 64 5
Independence High School High Regular 2,349 128 6

Bain Elementary School

  • Education Level: Primary
  • # of students: 899
  • # of teachers: 49
10
GreatSchools Rating

Mint Hill Middle School

  • Education Level: Middle
  • # of students: 1,249
  • # of teachers: 64
5
GreatSchools Rating

Independence High School

  • Education Level: High
  • # of students: 2,349
  • # of teachers: 128
6
GreatSchools Rating
 

$396,000$484,000$440,000

PURCHASE PRICE

$2,007$2,453$2,230

RENT

DOWN PAYMENT
FINANCING

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$200k$400k$600k$800k$1.0M$1.2M

PROJECTED ANNUAL CASH FLOW

11530-$5.0k$0.0$5.0k$10k$15k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k$1.0M$1.2M

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,230
EXPENSES Loan Payment -$1,623
Property Tax -$378
Property Insurance -$86
Property Management Fees -$201
CASH FLOW
-$58

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 15% of earned rent to cover both maintenance and periods of vacancy.

$440,000

PROJECTED PRICE

$2,230

PROJECTED RENT

0.51%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.98%
Appreciation Year (1-5) 5.18%
Maintenance Year (1-5) 8.00%
Vacancy 6.57%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$122,350

INVESTMENT

$122,350

Down Payment
$110,000
Rehab Estimate
$5,750
Closing Costs
$6,600

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,623

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $110,000
Loan Amount $330,000
See What Happens When You Reinvest Cash Flow

3.58

YEARS SAVED

$17,688

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,230

    LIST RENT
  • $0.71

    LIST RENT PER SQFT
  • $2,337

    COMP ESTIMATED VALUE
  • $0.75

    COMP AVG. RENT PER SQFT
Comps Range
$1,795
1$1,7952$2,2303$2,2954$2,995
$2,995
RENT COMPS ANALYSIS
  • 6222 Robin Hollow Drive Mint Hill, NC 2
    • 4 beds 3 baths ∙ 3,130 Sqft ∙ Built 2001 4 beds 3 baths ∙ 3,130 Sqft ∙ Built 2001
    • Rent
    • Rent Per SQFT
    •  
    • $2,230
    • $0.71
    •  
  • 3724 Martele Drive Mint Hill, NC 1
    • 4 beds 3 baths ∙ 2,859 Sqft ∙ Built 2013 4 beds 3 baths ∙ 2,859 Sqft ∙ Built 2013
    LEASED 06/02/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,795
    • $0.63
    •  
  • 11930 Jumper Drive Mint Hill, NC 3
    • 4 beds 4 baths ∙ 3,239 Sqft ∙ Built 2006 4 beds 4 baths ∙ 3,239 Sqft ∙ Built 2006
    LEASED 01/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,295
    • $0.71
    •  
  • 7018 Ellington Farm Lane Mint Hill, NC 4
    • 5 beds 3 baths ∙ 3,331 Sqft ∙ Built 2005 5 beds 3 baths ∙ 3,331 Sqft ∙ Built 2005
    LEASED 04/19/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,995
    • $0.90
    •  
PROPERTY LISTING DETAILS
Dexter Desir
1.704.791.5913
Sellstate Exclusive Realty
BESbswy