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6422 Candlewood Drive Charlotte, NC 28210

3 Beds 2 Baths 1,183 sqft Built 1958

$325,000

List Price

$1,570

$1.4K - $1.7K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
March 12, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1958
  • Price/Sqft : $274.73
  • 5 Days on Market
  • MLS # : 3716094
  • Updated Date : 03/12/2021 at 09:22
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,183 sqft
  • Baths : 2 full
Listing Agent

Realty One Group Select

Listing Agent's Description

You don’t want to miss this beautiful full-brick ranch located in the heart of desirable Starmount. This 3-bedroom, 2 full bathroom home has been updated with new cabinets, stainless steel appliances, tile floors & showers in each bathroom, fresh paint, lighting & windows. It features original hardwoods throughout the living room, hall & bedrooms, and the finished sunroom provides additional flex space, ideally suited for a home-gym or office. Step out of the spacious kitchen or sunroom onto an oversized deck that is perfect for entertaining & overlooks a fully fenced backyard. Starmount is conveniently located to I-77 & the Light Rail for easy access around Charlotte, only 10 minutes to South Park and Montford, and a quick commute to South End & Uptown. Multiple access points to The Little Sugar Creek Greenway connect to the community, and the recently renovated Starmount Recreation Club is ideal for summer days (membership required).

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: Starmount

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300kPrice in $101k311k

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

Neighborhood: Starmount

NeighborhoodNIR Market*CityMarket2010Year20002019 Q285090095010001050110011501200125013001350140014501500Rent in $8421520

* 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
Huntingtowne Farms Elementary School Primary Regular 947 60 4
Carmel Middle School Middle Regular 1,050 58 7
South Mecklenburg High School High Regular 2,913 147 7

Huntingtowne Farms Elementary School

  • Education Level: Primary
  • # of students: 947
  • # of teachers: 60
4
GreatSchools Rating

Carmel Middle School

  • Education Level: Middle
  • # of students: 1,050
  • # of teachers: 58
7
GreatSchools Rating

South Mecklenburg High School

  • Education Level: High
  • # of students: 2,913
  • # of teachers: 147
7
GreatSchools Rating
 

$292,500$357,500$325,000

PURCHASE PRICE

$1,413$1,727$1,570

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,570
EXPENSES Loan Payment -$1,129
Property Tax -$283
Property Insurance -$49
Property Management Fees -$119
CASH FLOW
-$11

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.

$325,000

PROJECTED PRICE

$1,570

PROJECTED RENT

0.48%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.98%
Appreciation Year (1-5) 7.8%
Maintenance Year (1-5) 8.00%
Vacancy 6.57%
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$1.0M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$91,875

INVESTMENT

$91,875

Down Payment
$81,250
Rehab Estimate
$5,750
Closing Costs
$4,875

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,129

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $81,250
Loan Amount $243,750
See What Happens When You Reinvest Cash Flow

5

YEARS SAVED

$16,466

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,570

    LIST RENT
  • $1.33

    LIST RENT PER SQFT
  • $1,562

    COMP ESTIMATED VALUE
  • $1.32

    COMP AVG. RENT PER SQFT
Comps Range
$1,495
1$1,4952$1,5703$1,5954$1,6005$1,850
$1,850
RENT COMPS ANALYSIS
  • 6422 Candlewood Drive Charlotte, NC 2
    • 3 beds 2 baths ∙ 1,183 Sqft ∙ Built 1958 3 beds 2 baths ∙ 1,183 Sqft ∙ Built 1958
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,570
    • $1.33
    •  
  • 1332 Edgewater Drive Charlotte, NC 1
    • 3 beds 2 baths ∙ 1,170 Sqft ∙ Built 1961 3 beds 2 baths ∙ 1,170 Sqft ∙ Built 1961
    property image
    LEASED 09/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,495
    • $1.28
    •  
  • 7008 Woodstream Drive Charlotte, NC 3
    • 3 beds 2 baths ∙ 1,175 Sqft ∙ Built 1961 3 beds 2 baths ∙ 1,175 Sqft ∙ Built 1961
    property image
    LEASED 10/22/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,595
    • $1.36
    •  
  • 6029 Brookhaven Road Charlotte, NC 4
    • 3 beds 2 baths ∙ 1,340 Sqft ∙ Built 1960 3 beds 2 baths ∙ 1,340 Sqft ∙ Built 1960
    property image
    LEASED 03/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,600
    • $1.19
    •  
  • 1420 Springwood Lane Charlotte, NC 5
    • 3 beds 2 baths ∙ 1,274 Sqft ∙ Built 1960 3 beds 2 baths ∙ 1,274 Sqft ∙ Built 1960
    property image
    LEASED 03/27/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,850
    • $1.45
    •  
PROPERTY LISTING DETAILS
Perry Wiese
1.704.654.0108
Realty One Group Select
1.866.250.5610
Carolina Multiple Listing Services ( Carolina)
MLS #: 3716094
Last Updated: 03/12/2021
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