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6611 The Plaza Street Charlotte, NC 28215

3 Beds 2 Baths 1,195 sqft Built 1973

$171,000

List Price

$1,230

$1.1K - $1.4K

Rent Est.

PROPERTY INFO

January 31, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1973
  • Price/Sqft : $143.10
  • 2 Days on Market
  • MLS # : 3696858
  • Updated Date : 01/30/2021 at 19:43
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,195 sqft
  • Baths : 2 full
Listing Agent

Bottom Line Property Management

Listing Agent's Description

This Charming 3 Bedroom and 2 Bath house has a Spacious Floor Plan .Large Backyard. Awesome location - centrally located - Short drive to university area and Uptown!

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: Eastway

NeighborhoodNIR Market*CityMarket2010Year2000201960k80k100k120k140k160k180k200k220kPrice in $60k235k

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

Neighborhood: Eastway

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
Joseph W. Grier Academy Primary Regular 789 50 3
Northridge Middle School Middle Regular 779 43 3
Rocky River High School High Regular 1,710 90 3

Joseph W. Grier Academy

  • Education Level: Primary
  • # of students: 789
  • # of teachers: 50
3
GreatSchools Rating

Northridge Middle School

  • Education Level: Middle
  • # of students: 779
  • # of teachers: 43
3
GreatSchools Rating

Rocky River High School

  • Education Level: High
  • # of students: 1,710
  • # of teachers: 90
3
GreatSchools Rating
 

$153,900$188,100$171,000

PURCHASE PRICE

$1,107$1,353$1,230

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,230
EXPENSES Loan Payment -$594
Property Tax -$149
Property Insurance -$50
Property Management Fees -$119
CASH FLOW
$318

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.

$171,000

PROJECTED PRICE

$1,230

PROJECTED RENT

0.72%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.94%
Appreciation Year (1-5) 5.9%
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$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$100k$200k$300k$400k$500k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$51,065

INVESTMENT

$51,065

Down Payment
$42,750
Rehab Estimate
$5,750
Closing Costs
$2,565

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 20% down payment or higher enables the proceeds from the asset to cover all costs.

$594

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $42,750
Loan Amount $128,250
See What Happens When You Reinvest Cash Flow

13.75

YEARS SAVED

$38,278

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,230

    LIST RENT
  • $1.03

    LIST RENT PER SQFT
  • $1,096

    COMP ESTIMATED VALUE
  • $0.92

    COMP AVG. RENT PER SQFT
Comps Range
$1,175
1$1,1752$1,2303$1,2504$1,2505$1,300
$1,300
RENT COMPS ANALYSIS
  • 6611 The Plaza Street Charlotte, NC 2
    • 3 beds 2 baths ∙ 1,195 Sqft ∙ Built 1973 3 beds 2 baths ∙ 1,195 Sqft ∙ Built 1973
    • Rent
    • Rent Per SQFT
    •  
    • $1,230
    • $1.03
    •  
  • 4901 Delivau Drive Charlotte, NC 1
    • 3 beds 2 baths ∙ 1,236 Sqft ∙ Built 1971 3 beds 2 baths ∙ 1,236 Sqft ∙ Built 1971
    LEASED 01/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,175
    • $0.95
    •  
  • 5500 Larchmont Avenue Charlotte, NC 3
    • 3 beds 2 baths ∙ 1,300 Sqft ∙ Built 1965 3 beds 2 baths ∙ 1,300 Sqft ∙ Built 1965
    LEASED 04/10/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,250
    • $0.96
    •  
  • 5819 Ruth Drive Charlotte, NC 4
    • 3 beds 3 baths ∙ 1,500 Sqft ∙ Built 1965 3 beds 3 baths ∙ 1,500 Sqft ∙ Built 1965
    LEASED 05/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,250
    • $0.83
    •  
  • 5221 Delivau Drive Charlotte, NC 5
    • 3 beds 2 baths ∙ 1,400 Sqft ∙ Built 1973 3 beds 2 baths ∙ 1,400 Sqft ∙ Built 1973
    LEASED 10/29/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,300
    • $0.93
    •  
PROPERTY LISTING DETAILS
Kathryn Cook Crespo
1.704.998.9520
Bottom Line Property Management
BESbswy