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6516 Wickville Drive Charlotte, NC 28215

4 Beds 3 Baths 2,536 sqft Built 1989

$335,000

List Price

$1,580

$1.4K - $1.7K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
February 19, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1989
  • Price/Sqft : $132.10
  • 4 Days on Market
  • MLS # : 3709809
  • Updated Date : 02/20/2021 at 21:11
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,536 sqft
  • Baths : 2 full , 1 half
Listing Agent

Carolinas Key Realty

Listing Agent's Description

RARE opportunity to live in this GORGEOUS completely remodeled HOME with TONS OF UPGRADES! Huge flat lot tucked away in very sought after Chessington Subdivision. This is not your average cookie cutter neighborhood, each home in the neighborhood is unique, and exudes character. HOME FEATURES: NEW WINDOWS throughout the home, New custom cabinetry in kitchen (Soft-close drawers), NEW Granite countertops, New SS Appliances, NEW James Hardie Siding installed 2020, Exterior Painted/Interior Painted, New Tile Flooring in living room and kitchen, Refinished hardwoods throughout the main floor, NEW Lighting fixtures Throughout home, NEW Carpet leading to Bonus room over garage and New Laminate in bonus rm, SIDE Load Garage, ALL BATHROOMS have NEW Custom VANITIES and GRANITE countertops, NEW Tile Shower, New jet tub, NEW FRONT Door and many doors replaced, Upstairs AC Unit replaced 2019, Downstairs AC 5-8 Years Old, Roof 2009 (Arch 30yr Roof), Fenced yard, Large porch and much more...

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: Hickory Grove

NeighborhoodNIR Market*CityMarket2010Year20002019100k110k120k130k140k150k160k170k180k190k200k210k220k230kPrice in $96k235k

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

Neighborhood: Hickory Grove

NeighborhoodNIR Market*CityMarket2010Year20002019 Q285090095010001050110011501200125013001350140014501500Rent in $8421518

* 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
Garinger High School High Unknown NA
Hickory Grove Elementary School Primary Unknown NA

Hickory Grove Elementary School

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

Garinger High School

  • Education Level: High
  • # of students:
  • # of teachers:
NA
GreatSchools Rating

Hickory Grove Elementary School

  • Education Level: Primary
  • # of students:
  • # of teachers:
NA
GreatSchools Rating
 

$301,500$368,500$335,000

PURCHASE PRICE

$1,422$1,738$1,580

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,580
EXPENSES Loan Payment -$1,164
Property Tax -$292
Property Insurance -$75
HOA -$5
Property Management Fees -$119
CASH FLOW
-$75

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.

$335,000

PROJECTED PRICE

$1,580

PROJECTED RENT

0.47%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.98%
Appreciation Year (1-5) 8.4%
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-$4.0k-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k

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$94,525

INVESTMENT

$94,525

Down Payment
$83,750
Rehab Estimate
$5,750
Closing Costs
$5,025

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,164

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $83,750
Loan Amount $251,250
See What Happens When You Reinvest Cash Flow

3.92

YEARS SAVED

$12,011

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,580

    LIST RENT
  • $0.62

    LIST RENT PER SQFT
  • $1,585

    COMP ESTIMATED VALUE
  • $0.63

    COMP AVG. RENT PER SQFT
Comps Range
$1,425
1$1,4252$1,5253$1,5254$1,5805$1,675
$1,675
RENT COMPS ANALYSIS
  • 6516 Wickville Drive Charlotte, NC 4
    • 4 beds 3 baths ∙ 2,536 Sqft ∙ Built 1989 4 beds 3 baths ∙ 2,536 Sqft ∙ Built 1989
    • Rent
    • Rent Per SQFT
    •  
    • $1,580
    • $0.62
    •  
  • 6502 Matlea Court Charlotte, NC 1
    • 4 beds 3 baths ∙ 2,266 Sqft ∙ Built 2006 4 beds 3 baths ∙ 2,266 Sqft ∙ Built 2006
    LEASED 02/06/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,425
    • $0.63
    •  
  • 8415 Burnt Umber Drive Charlotte, NC 2
    • 4 beds 3 baths ∙ 2,425 Sqft ∙ Built 1988 4 beds 3 baths ∙ 2,425 Sqft ∙ Built 1988
    LEASED 09/24/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,525
    • $0.63
    •  
  • 6202 Purbeck Way Charlotte, NC 3
    • 4 beds 3 baths ∙ 2,368 Sqft ∙ Built 2018 4 beds 3 baths ∙ 2,368 Sqft ∙ Built 2018
    LEASED 01/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,525
    • $0.64
    •  
  • 6337 Marquam Place Charlotte, NC 5
    • 5 beds 3 baths ∙ 2,805 Sqft ∙ Built 2017 5 beds 3 baths ∙ 2,805 Sqft ∙ Built 2017
    LEASED 04/09/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,675
    • $0.60
    •  
PROPERTY LISTING DETAILS
Philip Logarides
1.704.390.4718
Carolinas Key Realty
1.866.250.5610
Carolina Multiple Listing Services ( Carolina)
MLS #: 3709809
Last Updated: 02/20/2021
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