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6512 Oak Hollow Drive Charlotte, NC 28227

3 Beds 2 Baths 1,131 sqft Built 1982

$208,900

List Price

$1,060

$954 - $1.2K

Rent Est.

PROPERTY INFO

December 04, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1982
  • Price/Sqft : $184.70
  • 3 Days on Market
  • MLS # : 3688345
  • Updated Date : 12/04/2020 at 08:54
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,131 sqft
  • Baths : 1 full , 1 half
Listing Agent

Lambert & Associates

Listing Agent's Description

Finding an updated 3 bedroom home in Charlotte for under $250k is rare! New roof, windows, floors, and appliances were installed just 3 years ago. Smooth ceilings can be seen throughout the entire home. The updated kitchen features a subway tile backsplash and new stainless steel appliances. In the living room you will find a cozy wood burning fireplace. The large backyard is fully fenced in with a 6 foot privacy fence. Don't miss your chance to see this one before its gone! Showings will start on Saturday, December 5th.

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • 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)

PRICE & RENT TRENDS

Neighborhood: Hickory Ridge

NeighborhoodNIR Market*CityMarket2010Year2000201980k100k120k140k160k180k200k220kPrice in $74k235k

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

Neighborhood: Hickory Ridge

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
Hickory Grove Elementary School Primary Regular 1,010 61 6
Cochrane Collegiate Academy Middle Regular 702 48 2
Cochrane Collegiate Academy High Regular 702 48 2

Hickory Grove Elementary School

  • Education Level: Primary
  • # of students: 1,010
  • # of teachers: 61
6
GreatSchools Rating

Cochrane Collegiate Academy

  • Education Level: Middle
  • # of students: 702
  • # of teachers: 48
2
GreatSchools Rating

Cochrane Collegiate Academy

  • Education Level: High
  • # of students: 702
  • # of teachers: 48
2
GreatSchools Rating
 

$188,010$229,790$208,900

PURCHASE PRICE

$954$1,166$1,060

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,060
EXPENSES Loan Payment -$771
Property Tax -$182
Property Insurance -$49
Property Management Fees -$119
CASH FLOW
-$60

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.

$208,900

PROJECTED PRICE

$1,060

PROJECTED RENT

0.51%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.94%
Appreciation Year (1-5) 8.8%
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$100k$200k$300k$400k$500k$600k$700k

PROJECTED ANNUAL CASH FLOW

11530-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$61,109

INVESTMENT

$61,109

Down Payment
$52,225
Rehab Estimate
$5,750
Closing Costs
$3,134

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 55% down payment or higher enables the proceeds from the asset to cover all costs.

$771

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $52,225
Loan Amount $156,675
See What Happens When You Reinvest Cash Flow

4.17

YEARS SAVED

$9,298

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,060

    LIST RENT
  • $0.94

    LIST RENT PER SQFT
  • $1,066

    COMP ESTIMATED VALUE
  • $0.94

    COMP AVG. RENT PER SQFT
Comps Range
$1,060
1$1,0602$1,0953$1,2254$1,2955$1,350
$1,350
RENT COMPS ANALYSIS
  • 6512 Oak Hollow Drive Charlotte, NC 1
    • 3 beds 2 baths ∙ 1,131 Sqft ∙ Built 1982 3 beds 2 baths ∙ 1,131 Sqft ∙ Built 1982
    • Rent
    • Rent Per SQFT
    •  
    • $1,060
    • $0.94
    •  
  • 7207 Barcliff Drive Charlotte, NC 2
    • 3 beds 2 baths ∙ 1,170 Sqft ∙ Built 1977 3 beds 2 baths ∙ 1,170 Sqft ∙ Built 1977
    LEASED 09/28/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,095
    • $0.94
    •  
  • 8119 Ivy Hollow Drive Charlotte, NC 3
    • 3 beds 2 baths ∙ 1,292 Sqft ∙ Built 1979 3 beds 2 baths ∙ 1,292 Sqft ∙ Built 1979
    LEASED 04/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,225
    • $0.95
    •  
  • 7916 Glencannon Drive Charlotte, NC 4
    • 3 beds 2 baths ∙ 1,400 Sqft ∙ Built 1993 3 beds 2 baths ∙ 1,400 Sqft ∙ Built 1993
    LEASED 06/30/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,295
    • $0.93
    •  
  • 8018 Sherington Way Charlotte, NC 5
    • 3 beds 2 baths ∙ 1,352 Sqft ∙ Built 1987 3 beds 2 baths ∙ 1,352 Sqft ∙ Built 1987
    LEASED 09/17/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,350
    • $1.00
    •  
PROPERTY LISTING DETAILS
Tara Richardson
1.980.939.4799
Lambert & Associates
BESbswy