Work with a dedicated Real Estate Advisor who will take your financial preferences and help you select and acquire properties that fit your criteria. Learn more

6614 Bluegill Road Charlotte, NC 28216

4 Beds 3 Baths 2,435 sqft Built 2015

$320,000

List Price

$1,700

$1.5K - $1.9K

Rent Est.

PROPERTY INFO

January 09, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2015
  • Price/Sqft : $131.42
  • 2 Days on Market
  • MLS # : 3697165
  • Updated Date : 01/09/2021 at 17:13
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,435 sqft
  • Baths : 2 full , 1 half
Listing Agent

Opendoor Brokerage Llc

Listing Agent's Description

Built in 2015, this Charlotte two-story home offers a patio, granite countertops, and a two-car garage. This home is vacant and cleaned regularly.

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: Mountain Island

NeighborhoodNIR Market*CityMarket2010Year20002019120k130k140k150k160k170k180k190k200k210k220k230k240kPrice in $113k241k

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

Neighborhood: Mountain Island

NeighborhoodNIR Market*CityMarket2010Year20002019 Q29001000110012001300140015001600Rent in $8421617

* 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
Mountain Island Lake Academy Primary Regular 727 47 3
West Mecklenburg High School High Regular 2,040 108 1

Mountain Island Lake Academy

  • Education Level: Primary
  • # of students: 727
  • # of teachers: 47
3
GreatSchools Rating

West Mecklenburg High School

  • Education Level: High
  • # of students: 2,040
  • # of teachers: 108
1
GreatSchools Rating
 

$288,000$352,000$320,000

PURCHASE PRICE

$1,530$1,870$1,700

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,700
EXPENSES Loan Payment -$1,111
Property Tax -$283
Property Insurance -$73
HOA -$29
Property Management Fees -$119
CASH FLOW
$85

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.

$320,000

PROJECTED PRICE

$1,700

PROJECTED RENT

0.53%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.98%
Appreciation Year (1-5) 3.7%
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-$2.0k$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$600k$700k$800k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$90,550

INVESTMENT

$90,550

Down Payment
$80,000
Rehab Estimate
$5,750
Closing Costs
$4,800

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 45% down payment or higher enables the proceeds from the asset to cover all costs.

$1,111

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $80,000
Loan Amount $240,000
See What Happens When You Reinvest Cash Flow

6.33

YEARS SAVED

$23,296

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,700

    LIST RENT
  • $0.7

    LIST RENT PER SQFT
  • $1,747

    COMP ESTIMATED VALUE
  • $0.72

    COMP AVG. RENT PER SQFT
Comps Range
$1,450
1$1,4502$1,6753$1,7004$1,8255$1,900
$1,900
RENT COMPS ANALYSIS
  • 6614 Bluegill Road Charlotte, NC 3
    • 4 beds 3 baths ∙ 2,435 Sqft ∙ Built 2015 4 beds 3 baths ∙ 2,435 Sqft ∙ Built 2015
    • Rent
    • Rent Per SQFT
    •  
    • $1,700
    • $0.70
    •  
  • 3609 Joel Turner Drive Charlotte, NC 1
    • 4 beds 3 baths ∙ 2,092 Sqft ∙ Built 2002 4 beds 3 baths ∙ 2,092 Sqft ∙ Built 2002
    LEASED 12/03/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,450
    • $0.69
    •  
  • 1716 Swan Drive Charlotte, NC 2
    • 5 beds 3 baths ∙ 2,495 Sqft ∙ Built 2014 5 beds 3 baths ∙ 2,495 Sqft ∙ Built 2014
    LEASED 03/25/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,675
    • $0.67
    •  
  • 2906 Oakdale Road Charlotte, NC 4
    • 4 beds 3 baths ∙ 2,473 Sqft ∙ Built 4 beds 3 baths ∙ 2,473 Sqft ∙ Built
    LEASED 12/13/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,825
    • $0.74
    •  
  • 5005 Traynor Road Charlotte, NC 5
    • 5 beds 3 baths ∙ 2,455 Sqft ∙ Built 5 beds 3 baths ∙ 2,455 Sqft ∙ Built
    LEASED 01/07/21
    • Rent
    • Rent Per SQFT
    •  
    • $1,900
    • $0.77
    •  
PROPERTY LISTING DETAILS
Verria Hairston
1.704.751.0133
Opendoor Brokerage Llc
BESbswy