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6539 Lynn Avenue Charlotte, NC 28226

3 Beds 2 Baths 1,989 sqft Built 1987

$354,000

List Price

$1,910

$1.7K - $2.1K

Rent Est.

PROPERTY INFO

January 27, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1987
  • Price/Sqft : $177.98
  • 6 Days on Market
  • MLS # : 3701843
  • Updated Date : 01/27/2021 at 15:40
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,989 sqft
  • Baths : 2 full
Listing Agent

Keller Williams South Park

Listing Agent's Description

Amazing opportunity to own in Carmel Hills, minutes from all South Charlotte has to offer including South Park, HWY 51, and I-485. Carmel Commons, Quails Corners, and Olde Towne Village are just a hop, skip, and jump away offering grocery shopping, restaurants, and salted caramel brownies, can you imagine being so close to an Amelie's Bakery?! This is a one owner home that is ready for a new chapter, so make sure to bring your creative streak to the showing! With a fantastic lay out, large living area and kitchen this could be the home of your dreams! Boasting two ample sized bedrooms plus a 3rd that has been converted to master closet. Great potential for entertaining space in the back yard, oversized 2 car garage, and gas fire place are just a few highlights of this stucco ranch. Home is being sold as is. Come builders, visionaries, investors, come all!

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: Carmel

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300k320k340k360kPrice in $116k374k

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

Neighborhood: Carmel

NeighborhoodNIR Market*CityMarket2010Year20002019 Q290010001100120013001400150016001700180019002000Rent in $8442083

* 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
Smithfield Elementary School Primary Regular 646 44 6
Quail Hollow Middle School Middle Regular 946 51 3
South Mecklenburg High School High Regular 2,913 147 7

Smithfield Elementary School

  • Education Level: Primary
  • # of students: 646
  • # of teachers: 44
6
GreatSchools Rating

Quail Hollow Middle School

  • Education Level: Middle
  • # of students: 946
  • # of teachers: 51
3
GreatSchools Rating

South Mecklenburg High School

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

$318,600$389,400$354,000

PURCHASE PRICE

$1,719$2,101$1,910

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,910
EXPENSES Loan Payment -$1,230
Property Tax -$375
Property Insurance -$65
Property Management Fees -$119
CASH FLOW
$122

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.

$354,000

PROJECTED PRICE

$1,910

PROJECTED RENT

0.54%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.48%
Appreciation Year (1-5) 5.6%
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$1.0M$1.2M

PROJECTED ANNUAL CASH FLOW

11530$0.0$5.0k$10k$15k

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$99,560

INVESTMENT

$99,560

Down Payment
$88,500
Rehab Estimate
$5,750
Closing Costs
$5,310

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,230

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $88,500
Loan Amount $265,500
See What Happens When You Reinvest Cash Flow

7.33

YEARS SAVED

$32,142

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,910

    LIST RENT
  • $0.96

    LIST RENT PER SQFT
  • $1,780

    COMP ESTIMATED VALUE
  • $0.9

    COMP AVG. RENT PER SQFT
Comps Range
$1,750
1$1,7502$1,7953$1,9104$1,9955$2,100
$2,100
RENT COMPS ANALYSIS
  • 6539 Lynn Avenue Charlotte, NC 3
    • 3 beds 2 baths ∙ 1,989 Sqft ∙ Built 1987 3 beds 2 baths ∙ 1,989 Sqft ∙ Built 1987
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,910
    • $0.96
    •  
  • 6909 Wannamaker Lane Charlotte, NC 1
    • 4 beds 3 baths ∙ 2,065 Sqft ∙ Built 1980 4 beds 3 baths ∙ 2,065 Sqft ∙ Built 1980
    property image
    LEASED 08/07/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,750
    • $0.85
    •  
  • 3229 Silver Pond Court Charlotte, NC 2
    • 3 beds 3 baths ∙ 1,952 Sqft ∙ Built 1989 3 beds 3 baths ∙ 1,952 Sqft ∙ Built 1989
    property image
    LEASED 03/11/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,795
    • $0.92
    •  
  • 9222 Sandpiper Drive Charlotte, NC 4
    • 3 beds 3 baths ∙ 2,286 Sqft ∙ Built 1999 3 beds 3 baths ∙ 2,286 Sqft ∙ Built 1999
    property image
    LEASED 06/30/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,995
    • $0.87
    •  
  • 2939 Notchview Court Charlotte, NC 5
    • 4 beds 3 baths ∙ 2,238 Sqft ∙ Built 1991 4 beds 3 baths ∙ 2,238 Sqft ∙ Built 1991
    property image
    LEASED 09/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,100
    • $0.94
    •  
PROPERTY LISTING DETAILS
Leigh Bryant
1.704.516.3318
Keller Williams South Park
BESbswy