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6316 Prosperity Commons Drive Charlotte, NC 28269

4 Beds 3 Baths 3,439 sqft Built 2007

$310,000

List Price

$1,860

$1.7K - $2K

Rent Est.

PROPERTY INFO

November 06, 2020 RECENTLY ADDED
FACTS
  • Built In 2007
  • Price/Sqft : $90.14
  • 3 Days on Market
  • MLS # : 3679824
  • Updated Date : 11/06/2020 at 11:17
CONSTRUCTION
  • Beds : 4
  • Floor Size : 3,439 sqft
  • Baths : 3 full
Listing Agent

West Maple Realty Llc

Listing Agent's Description

IMMACULATE LIKE NEW HOME IN GREAT LOCATION IN CHARLOTTE! Open floor plan shows off LARGE kitchen with plenty of counter space and kitchen island. Kitchen flows into family room with cozy fireplace and lots of natural light. Dining room downstairs plus an extra flex room perfect for gym/studio/office. Upstairs features a large master suite with dual sinks, walk in shower, and garden tub in the bathroom. Three additional bedrooms up plus HUGE loft area. This is great for 2nd entertaining area. Fenced in yard with back patio plus enjoy the community pool in the summer! Home is in great locations 1-485, Concord Mills, and all things Charlotte! WELCOME HOME!

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
 

$279,000$341,000$310,000

PURCHASE PRICE

$1,674$2,046$1,860

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,860
EXPENSES Loan Payment -$1,144
Property Tax -$293
Property Insurance -$92
HOA -$36
Property Management Fees -$167
CASH FLOW
$129

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.

$310,000

PROJECTED PRICE

$1,860

PROJECTED RENT

0.60%

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-$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$87,900

INVESTMENT

$87,900

Down Payment
$77,500
Rehab Estimate
$5,750
Closing Costs
$4,650

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 45% down payment or higher enables the proceeds from the asset to cover all costs.

$1,144

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $77,500
Loan Amount $232,500
See What Happens When You Reinvest Cash Flow

6.67

YEARS SAVED

$29,790

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,860

    LIST RENT
  • $0.54

    LIST RENT PER SQFT
  • $2,003

    COMP ESTIMATED VALUE
  • $0.58

    COMP AVG. RENT PER SQFT
Comps Range
$1,695
1$1,6952$1,7003$1,8454$1,8605$2,350
$2,350
RENT COMPS ANALYSIS
  • 6316 Prosperity Commons Drive Charlotte, NC 4
    • 4 beds 3 baths ∙ 3,439 Sqft ∙ Built 2007 4 beds 3 baths ∙ 3,439 Sqft ∙ Built 2007
    • Rent
    • Rent Per SQFT
    •  
    • $1,860
    • $0.54
    •  
  • 9316 Swallow Tail Lane Charlotte, NC 1
    • 3 beds 3 baths ∙ 3,105 Sqft ∙ Built 2002 3 beds 3 baths ∙ 3,105 Sqft ∙ Built 2002
    LEASED 09/20/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,695
    • $0.55
    •  
  • 13326 Rebecca Run Drive Charlotte, NC 2
    • 4 beds 3 baths ∙ 3,260 Sqft ∙ Built 2006 4 beds 3 baths ∙ 3,260 Sqft ∙ Built 2006
    LEASED 01/22/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,700
    • $0.52
    •  
  • 6401 Prosperity Commons Drive Charlotte, NC 3
    • 4 beds 3 baths ∙ 3,106 Sqft ∙ Built 2007 4 beds 3 baths ∙ 3,106 Sqft ∙ Built 2007
    LEASED 01/10/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,845
    • $0.59
    •  
  • 8719 Whistlers Chase Drive Charlotte, NC 5
    • 4 beds 3 baths ∙ 3,500 Sqft ∙ Built 2006 4 beds 3 baths ∙ 3,500 Sqft ∙ Built 2006
    LEASED 08/29/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,350
    • $0.67
    •  
PROPERTY LISTING DETAILS
Chris Blackmon
1.704.560.4070
West Maple Realty Llc
BESbswy