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6313 Prosperity Commons Drive Charlotte, NC 28269

3 Beds 3 Baths 2,613 sqft Built 2007

$299,000

List Price

$1,830

$1.6K - $2K

Rent Est.

PROPERTY INFO

January 13, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2007
  • Price/Sqft : $114.43
  • 7 Days on Market
  • MLS # : 3697627
  • Updated Date : 01/16/2021 at 12:30
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,613 sqft
  • Baths : 2 full , 1 half
Listing Agent

Re/max Leading Edge

Listing Agent's Description

This home is simply perfect and lies in the heart of Eastfield/ Huntersville/ North Charlotte, conveniently located near I-485, I-85, I-77, shopping and dining. From the gorgeous porch entry-way and the updated open-concept plan to the private, manicured back-yard, this move-in ready home has it all! Spacious and open floor plan ideal for entertaining. Beautiful wide plank flooring throughout the main level. Kitchen has recessed lighting, an abundance of storage, a large island and an adjacent breakfast area. The living room offers a gas fireplace perfect for those cozy nights in. Upper level includes 3 bedrooms. The master suite has a tray ceiling and fan, a private bathroom with dual sinks, separate tub and shower and a large walk-in closet. Two additional bedrooms, a full bathroom, large loft area and laundry room complete this level.

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: Highland Creek

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300kPrice in $116k318k

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

Neighborhood: Highland Creek

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
Parkside Elementary School Primary Regular NA
Ridge Road Middle School Middle Regular 1,285 65 6
Mallard Creek High School High Regular 2,472 123 6

Parkside Elementary School

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

$269,100$328,900$299,000

PURCHASE PRICE

$1,647$2,013$1,830

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,830
EXPENSES Loan Payment -$1,039
Property Tax -$279
Property Insurance -$76
HOA -$66
Property Management Fees -$119
CASH FLOW
$252

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.

$299,000

PROJECTED PRICE

$1,830

PROJECTED RENT

0.61%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.48%
Appreciation Year (1-5) 5.9%
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$0.0$5.0k$10k$15k$20k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$100k$200k$300k$400k$500k$600k$700k$800k$900k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$84,985

INVESTMENT

$84,985

Down Payment
$74,750
Rehab Estimate
$5,750
Closing Costs
$4,485

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,039

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $74,750
Loan Amount $224,250
See What Happens When You Reinvest Cash Flow

9.67

YEARS SAVED

$41,513

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,830

    LIST RENT
  • $0.7

    LIST RENT PER SQFT
  • $1,914

    COMP ESTIMATED VALUE
  • $0.73

    COMP AVG. RENT PER SQFT
Comps Range
$1,725
1$1,7252$1,8303$1,8454$2,0505$2,100
$2,100
RENT COMPS ANALYSIS
  • 6313 Prosperity Commons Drive Charlotte, NC 2
    • 3 beds 3 baths ∙ 2,613 Sqft ∙ Built 2007 3 beds 3 baths ∙ 2,613 Sqft ∙ Built 2007
    • Rent
    • Rent Per SQFT
    •  
    • $1,830
    • $0.70
    •  
  • 9912 Rocky Ford Club Road Charlotte, NC 1
    • 3 beds 3 baths ∙ 2,602 Sqft ∙ Built 2009 3 beds 3 baths ∙ 2,602 Sqft ∙ Built 2009
    LEASED 03/25/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,725
    • $0.66
    •  
  • 6211 Ash Cove Lane Charlotte, NC 3
    • 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
    •  
  • 6527 Moonlight Lane Charlotte, NC 4
    • 4 beds 3 baths ∙ 2,775 Sqft ∙ Built 1994 4 beds 3 baths ∙ 2,775 Sqft ∙ Built 1994
    LEASED 03/16/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,050
    • $0.74
    •  
  • 6223 Hickory Cove Lane Charlotte, NC 5
    • 4 beds 3 baths ∙ 2,720 Sqft ∙ Built 1992 4 beds 3 baths ∙ 2,720 Sqft ∙ Built 1992
    LEASED 01/08/21
    • Rent
    • Rent Per SQFT
    •  
    • $2,100
    • $0.77
    •  
PROPERTY LISTING DETAILS
Leigh Hurley
1.703.975.5484
Re/max Leading Edge
BESbswy