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6619 Burlwood Road Charlotte, NC 28211

4 Beds 3 Baths 2,282 sqft Built 1961

$389,000

List Price

$2,350

$2.1K - $2.6K

Rent Est.

PROPERTY INFO

November 06, 2020 RECENTLY ADDED
FACTS
  • Built In 1961
  • Price/Sqft : $170.46
  • 3 Days on Market
  • MLS # : 3679779
  • Updated Date : 11/06/2020 at 11:32
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,282 sqft
  • Baths : 2 full , 1 half
Listing Agent

The Mcdevitt Agency

Listing Agent's Description

Fantastic value in white-hot Stonehaven. Original owner brick ranch w/basement offers classic details and floorplan you are looking for. Enter the slate foyer – you’ll love the beamed/elevated ceilings in the great room. Spill out to the covered/screened porch and breath in the privacy. Upgraded kitchen offers custom cabinets, professional series ss appliances, ample granite-topped work surfaces, large conversation island and opens to sitting area/fireplace. Owners suite w/ upgraded spa bath, upgraded jack and Jill bath between sizable secondary bedrooms. (Original hardwoods under carpet) Walkout/daylight basement boast bonus/play/media room, home office/Zoom room AND workshop or walk-in storage. Freshly painted, and ready for your vision. Close to the greenway, Boyce Park, and Sardis Swim/Racquet Club. Minutes from Southpark/popular MORA.

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: Stonehaven

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300k320k340k360kPrice in $116k361k

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

Neighborhood: Stonehaven

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2900100011001200130014001500160017001800Rent in $8441809

* 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
Rama Road Elementary School Primary Regular 591 41 4
Mcclintock Middle School Middle Regular 855 55 3
East Mecklenburg High School High Regular 1,840 111 6

Rama Road Elementary School

  • Education Level: Primary
  • # of students: 591
  • # of teachers: 41
4
GreatSchools Rating

Mcclintock Middle School

  • Education Level: Middle
  • # of students: 855
  • # of teachers: 55
3
GreatSchools Rating

East Mecklenburg High School

  • Education Level: High
  • # of students: 1,840
  • # of teachers: 111
6
GreatSchools Rating
 

$350,100$427,900$389,000

PURCHASE PRICE

$2,115$2,585$2,350

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,350
EXPENSES Loan Payment -$1,435
Property Tax -$397
Property Insurance -$70
Property Management Fees -$212
CASH FLOW
$236

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.

$389,000

PROJECTED PRICE

$2,350

PROJECTED RENT

0.60%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.48%
Appreciation Year (1-5) 7.2%
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$1.4M

PROJECTED ANNUAL CASH FLOW

11530$0.0$5.0k$10k$15k$20k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k$1.0M$1.2M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$108,835

INVESTMENT

$108,835

Down Payment
$97,250
Rehab Estimate
$5,750
Closing Costs
$5,835

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,435

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $97,250
Loan Amount $291,750
See What Happens When You Reinvest Cash Flow

7.75

YEARS SAVED

$47,288

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,350

    LIST RENT
  • $1.03

    LIST RENT PER SQFT
  • $2,356

    COMP ESTIMATED VALUE
  • $1.03

    COMP AVG. RENT PER SQFT
Comps Range
$1,950
1$1,9502$2,1003$2,1994$2,3505$2,500
$2,500
RENT COMPS ANALYSIS
  • 6619 Burlwood Road Charlotte, NC 4
    • 4 beds 3 baths ∙ 2,282 Sqft ∙ Built 1961 4 beds 3 baths ∙ 2,282 Sqft ∙ Built 1961
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $2,350
    • $1.03
    •  
  • 6609 Morganford Road Charlotte, NC 1
    • 4 beds 3 baths ∙ 1,974 Sqft ∙ Built 1983 4 beds 3 baths ∙ 1,974 Sqft ∙ Built 1983
    property image
    LEASED 08/05/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,950
    • $0.99
    •  
  • 5544 Lansing Drive Charlotte, NC 2
    • 4 beds 2 baths ∙ 2,186 Sqft ∙ Built 1963 4 beds 2 baths ∙ 2,186 Sqft ∙ Built 1963
    property image
    LEASED 01/22/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,100
    • $0.96
    •  
  • 5900 Kirkpatrick Road Charlotte, NC 3
    • 4 beds 2 baths ∙ 2,100 Sqft ∙ Built 1969 4 beds 2 baths ∙ 2,100 Sqft ∙ Built 1969
    property image
    LEASED 06/16/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,199
    • $1.05
    •  
  • 818 Ashmeade Road Charlotte, NC 5
    • 4 beds 3 baths ∙ 2,209 Sqft ∙ Built 1970 4 beds 3 baths ∙ 2,209 Sqft ∙ Built 1970
    property image
    LEASED 09/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,500
    • $1.13
    •  
PROPERTY LISTING DETAILS
Scott Russo
1.704.421.0706
The Mcdevitt Agency
BESbswy