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6442 Springbeauty Drive Charlotte, NC 28227

3 Beds 3 Baths 2,847 sqft Built 2008

$299,500

List Price

$1,670

$1.5K - $1.8K

Rent Est.

PROPERTY INFO

February 05, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2008
  • Price/Sqft : $105.20
  • 5 Days on Market
  • MLS # : 3704849
  • Updated Date : 02/06/2021 at 22:44
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,847 sqft
  • Baths : 2 full , 1 half
Listing Agent

The Virtual Realty Group

Listing Agent's Description

THIS ENERGY STAR CERTIFIED HOME HAS MANY UPGRADED FEATURES. KITCHEN HAS BREAKFAST AREA, 42' MAPLE CABINETS AND GRANITE COUNTERS WITH CENTER ISLAND. GRAND MASTER SUITE WITH DELUXE BATH WITH SEPARATE SHOWER, GARDEN TUB AND WALK IN CLOSET. LARGE SECONDARY BEDROOMS WITH WALK IN CLOSETS. ENORMOUS LOFT THAT PROVIDES PLENTY OF OPTIONS FOR ENTERTAINMENT. HARDWOOD FLOORING IN KITCHEN, BREAKFAST, DINING ROOM AND FOYER. HOME IS LOCATEN IN A CUL-DE-SAC. SHOPPING, BANKING, RESTAURANTS, AND TRANSPORTATION WITHIN APPROXIMATE 1 MILE AWAY. CLOSE TO UPTOWN AIRPORT, AND I-485. SCHEDULE YOUR SHOWING SOON! ***Multiple offers received, please submit all offers by 6:pm 2/7/21***

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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: Becton Park

NeighborhoodNIR Market*CityMarket2010Year2000201980k100k120k140k160k180k200k220kPrice in $74k235k

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

Neighborhood: Becton Park

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
J.h. Gunn Elementary School Primary Regular 695 42 2
Albemarle Road Middle School Middle Regular 1,198 64 2
Independence High School High Regular 2,349 128 6

J.h. Gunn Elementary School

  • Education Level: Primary
  • # of students: 695
  • # of teachers: 42
2
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
 

$269,550$329,450$299,500

PURCHASE PRICE

$1,503$1,837$1,670

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,670
EXPENSES Loan Payment -$1,040
Property Tax -$261
Property Insurance -$81
HOA -$43
Property Management Fees -$119
CASH FLOW
$126

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.

$299,500

PROJECTED PRICE

$1,670

PROJECTED RENT

0.56%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.94%
Appreciation Year (1-5) 9.8%
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$200k$400k$600k$800k$1.0M$1.2M

PROJECTED ANNUAL CASH FLOW

11530$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k$14k$16k

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$85,118

INVESTMENT

$85,118

Down Payment
$74,875
Rehab Estimate
$5,750
Closing Costs
$4,493

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 40% down payment or higher enables the proceeds from the asset to cover all costs.

$1,040

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $74,875
Loan Amount $224,625
See What Happens When You Reinvest Cash Flow

7.25

YEARS SAVED

$26,511

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,670

    LIST RENT
  • $0.59

    LIST RENT PER SQFT
  • $1,865

    COMP ESTIMATED VALUE
  • $0.66

    COMP AVG. RENT PER SQFT
Comps Range
$1,670
1$1,6702$1,7353$1,7504$1,8005$2,000
$2,000
RENT COMPS ANALYSIS
  • 6442 Springbeauty Drive Charlotte, NC 1
    • 3 beds 3 baths ∙ 2,847 Sqft ∙ Built 2008 3 beds 3 baths ∙ 2,847 Sqft ∙ Built 2008
    • Rent
    • Rent Per SQFT
    •  
    • $1,670
    • $0.59
    •  
  • 9334 Magnolia Lily Avenue Charlotte, NC 2
    • 4 beds 3 baths ∙ 2,723 Sqft ∙ Built 4 beds 3 baths ∙ 2,723 Sqft ∙ Built
    LEASED 01/31/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,735
    • $0.64
    •  
  • 5413 Mallard Drive S Charlotte, NC 3
    • 4 beds 3 baths ∙ 2,593 Sqft ∙ Built 1974 4 beds 3 baths ∙ 2,593 Sqft ∙ Built 1974
    LEASED 05/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,750
    • $0.67
    •  
  • 7627 Kuck Road Mint Hill, NC 4
    • 4 beds 3 baths ∙ 3,030 Sqft ∙ Built 2006 4 beds 3 baths ∙ 3,030 Sqft ∙ Built 2006
    LEASED 07/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,800
    • $0.59
    •  
  • 8035 Goodall Court Mint Hill, NC 5
    • 4 beds 3 baths ∙ 2,795 Sqft ∙ Built 2015 4 beds 3 baths ∙ 2,795 Sqft ∙ Built 2015
    LEASED 08/18/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,000
    • $0.72
    •  
PROPERTY LISTING DETAILS
Myrtho Moise
1.704.308.0910
The Virtual Realty Group
BESbswy