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6245 Snowcrest Court Charlotte, NC 28212

3 Beds 2 Baths 1,429 sqft Built 1972

$195,000

List Price

$1,240

$1.1K - $1.4K

Rent Est.

$57,425

Investment Est.

PROPERTY INFO

SINGLE-FAMILY
February 21, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1972
  • Price/Sqft : $136.46
  • 2 Days on Market
  • MLS # : 3710714
  • Updated Date : 02/20/2021 at 22:25
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,429 sqft
  • Baths : 2 full
Listing Agent

Showcase Realty Llc

Listing Agent's Description

Charming ranch home with lots to offer, hardwoods throughout, updated kitchen and tiled bathrooms. It also has a fenced backyard and a large deck. The perfect investment home or for owner occupancy. Best of all, low HOA. Property sold as is, Seller to make no repairs

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MARKET HIGHLIGHTS

Charlotte Market Report
  • 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: Farm Pond

NeighborhoodNIR Market*CityMarket2010Year2000201980k100k120k140k160k180k200k220kPrice in $74k235k

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

Neighborhood: Farm Pond

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
Lawrence Orr Elementary School Primary Regular NA
Albemarle Road Middle School Middle Regular 1,198 64 2
Independence High School High Regular 2,349 128 6

Lawrence Orr Elementary School

  • Education Level: Primary
  • # of students:
  • # of teachers:
NA
GreatSchools Rating

Albemarle Road Middle School

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

Independence High School

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

FINANCIALS

Learn how to read this

$175,500$214,500$195,000

PURCHASE PRICE

$1,116$1,364$1,240

RENT

DOWN PAYMENT
FINANCING
Learn how to read this

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,240
EXPENSES Loan Payment -$677
Property Tax -$171
Property Insurance -$54
HOA -$35
Property Management Fees -$119
CASH FLOW
$183

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.

$195,000

PROJECTED PRICE

$1,240

PROJECTED RENT

0.64%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.94%
Appreciation Year (1-5) 8.7%
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$100k$200k$300k$400k$500k$600k$700k$800k

PROJECTED ANNUAL CASH FLOW

11530$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation

  • Principal

  • Loan Balance
11530$0.0$100k$200k$300k$400k$500k$600k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$57,425

INVESTMENT

$57,425

Down Payment		 $48,750
Rehab Estimate		 $5,750
Closing Costs		 $2,925

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$677

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $48,750
Loan Amount $146,250
See What Happens When You Reinvest Cash Flow

9.75

YEARS SAVED

$27,358

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,240

    LIST RENT

  • $0.87

    LIST RENT PER SQFT

  • $1,361

    COMP ESTIMATED VALUE

  • $0.95

    COMP AVG. RENT PER SQFT
Comps Range
$1,095
1$1,0952$1,2403$1,3254$1,5005$1,550
$1,550
RENT COMPS ANALYSIS
  • 6245 Snowcrest Court Charlotte, NC 2
    • 3 beds 2 baths ∙ 1,429 Sqft ∙ Built 1972 3 beds 2 baths ∙ 1,429 Sqft ∙ Built 1972
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,240
    • $0.87
    •  
  • 7207 Barcliff Drive Charlotte, NC 1
    • 3 beds 2 baths ∙ 1,170 Sqft ∙ Built 1977 3 beds 2 baths ∙ 1,170 Sqft ∙ Built 1977
    property image
    LEASED 09/28/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,095
    • $0.94
    •  
  • 6021 Powder Horn Road Charlotte, NC 3
    • 3 beds 2 baths ∙ 1,408 Sqft ∙ Built 1972 3 beds 2 baths ∙ 1,408 Sqft ∙ Built 1972
    property image
    LEASED 03/04/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,325
    • $0.94
    •  
  • 4925 Cricklewood Lane Charlotte, NC 4
    • 3 beds 2 baths ∙ 1,575 Sqft ∙ Built 1983 3 beds 2 baths ∙ 1,575 Sqft ∙ Built 1983
    property image
    LEASED 12/31/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,500
    • $0.95
    •  
  • 7607 Eastbourne Road Charlotte, NC 5
    • 3 beds 2 baths ∙ 1,575 Sqft ∙ Built 1984 3 beds 2 baths ∙ 1,575 Sqft ∙ Built 1984
    property image
    LEASED 11/18/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,550
    • $0.98
    •  
PROPERTY LISTING DETAILS
LISTING AGENT
Maria Lugo
1.704.964.6896
Showcase Realty Llc
BUYER AGENT
1.866.250.5610
SOURCE
Carolina Multiple Listing Services ( Carolina)
MLS #: 3710714
Last Updated: 02/20/2021

All returns, cash flow, and appreciation estimates are projections. Please review our Disclaimer for more information.

All values are rounded to the nearest dollar.
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