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6405 Old South Court Charlotte, NC 28277

3 Beds 3 Baths 1,353 sqft Built 1993

$290,000

List Price

$1,620

$1.5K - $1.8K

Rent Est.

PROPERTY INFO

October 30, 2020 RECENTLY ADDED
FACTS
  • Built In 1993
  • Price/Sqft : $214.34
  • 7 Days on Market
  • MLS # : 3677482
  • Updated Date : 10/30/2020 at 10:12
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,353 sqft
  • Baths : 2 full , 1 half
Listing Agent

Exp Realty Llc

Listing Agent's Description

Beautiful traditional 2-story home that sits nestled on the opening of a cul-de-sac and quiet street. Move-in Ready with fresh paint and new carpet throughout the entire house. Front door and panels have all been updated. Master bathroom completely remodeled with shower insert making the space feel large! Nice size secondary bedrooms overlook the backyard. Surrounded by a developed neighborhood you can enjoy a cup of coffee on the covered front porch or entertaining friends in the large back yard. Appliances are from 2017, Roof is from 2012 and HVAC from 2011. This home is in a desirable school district and minutes from Waverly and Blakeney with great shopping and dining only minute away. Grocery stores, parks, entertainment and more just around the corner! Easy access to main roads like 485, Rae Rd and Providence make it an easy community to airport or Uptown CLT. This is a must see and will be sold quickly.

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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: Providence Country Club

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450kPrice in $116k476k

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

Neighborhood: Providence Country Club

NeighborhoodNIR Market*CityMarket2010Year20002019 Q210001200140016001800200022002400260028003000Rent in $8443026

* 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
Polo Ridge Elementary School Primary Regular 1,036 55 NA
Jay M. Robinson Middle School Middle Regular 1,101 51 10
Ardrey Kell High School High Regular 2,701 127 9

Polo Ridge Elementary School

  • Education Level: Primary
  • # of students: 1,036
  • # of teachers: 55
NA
GreatSchools Rating

Jay M. Robinson Middle School

  • Education Level: Middle
  • # of students: 1,101
  • # of teachers: 51
10
GreatSchools Rating

Ardrey Kell High School

  • Education Level: High
  • # of students: 2,701
  • # of teachers: 127
9
GreatSchools Rating
 

$261,000$319,000$290,000

PURCHASE PRICE

$1,458$1,782$1,620

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,620
EXPENSES Loan Payment -$1,070
Property Tax -$253
Property Insurance -$53
Property Management Fees -$146
CASH FLOW
$99

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.

$290,000

PROJECTED PRICE

$1,620

PROJECTED RENT

0.56%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.48%
Appreciation Year (1-5) 4.2%
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

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$100k$200k$300k$400k$500k$600k$700k$800k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$82,600

INVESTMENT

$82,600

Down Payment
$72,500
Rehab Estimate
$5,750
Closing Costs
$4,350

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,070

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $72,500
Loan Amount $217,500
See What Happens When You Reinvest Cash Flow

6.58

YEARS SAVED

$27,065

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,620

    LIST RENT
  • $1.2

    LIST RENT PER SQFT
  • $1,485

    COMP ESTIMATED VALUE
  • $1.1

    COMP AVG. RENT PER SQFT
Comps Range
$1,500
1$1,5002$1,5503$1,6004$1,6205$1,750
$1,750
RENT COMPS ANALYSIS
  • 6405 Old South Court Charlotte, NC 4
    • 3 beds 3 baths ∙ 1,353 Sqft ∙ Built 1993 3 beds 3 baths ∙ 1,353 Sqft ∙ Built 1993
    • Rent
    • Rent Per SQFT
    •  
    • $1,620
    • $1.20
    •  
  • 6409 Old South Court Charlotte, NC 1
    • 3 beds 2 baths ∙ 1,367 Sqft ∙ Built 1993 3 beds 2 baths ∙ 1,367 Sqft ∙ Built 1993
    LEASED 05/11/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,500
    • $1.10
    •  
  • 6212 Old Corral Street Charlotte, NC 2
    • 3 beds 2 baths ∙ 1,442 Sqft ∙ Built 1996 3 beds 2 baths ∙ 1,442 Sqft ∙ Built 1996
    LEASED 08/12/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,550
    • $1.07
    •  
  • 6408 Old South Court Charlotte, NC 3
    • 3 beds 3 baths ∙ 1,498 Sqft ∙ Built 1992 3 beds 3 baths ∙ 1,498 Sqft ∙ Built 1992
    LEASED 07/23/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,600
    • $1.07
    •  
  • 12121 Landing Green Drive Charlotte, NC 5
    • 3 beds 2 baths ∙ 1,527 Sqft ∙ Built 1993 3 beds 2 baths ∙ 1,527 Sqft ∙ Built 1993
    LEASED 02/27/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,750
    • $1.15
    •  
PROPERTY LISTING DETAILS
Holly Kimsey Evans
1.704.909.9276
Exp Realty Llc
BESbswy