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6625 Woodthrush Drive Charlotte, NC 28227

4 Beds 4 Baths 2,508 sqft Built 1983

INVESTimate

$314,900

List Price

$1,660

$1,494 - $1,826

Rent Est.

$342,643  ( +8.81%)   1 YR EST. FORECAST

PROPERTY INFO

FACTS
  • Built In 1983
  • Price/Sqft : $125.56
  • 11 Days on Market
  • MLS # : 3651696
  • Updated Date : 08/19/2020 at 04:52
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,508 sqft
  • Baths : 3 full , 1 half
Listing Agent

J Gordon Realty

Listing Agent's Description

Newly renovated traditional two story home awaits new ownership. Spacious home has lots of closet and space for . Second master has walk in closet as well as coat closet. Home has many appealing features including newly remodeled upper baths, kitchen and bedrooms with dual climate zones. Additional and new install include roofing, gutters, siding and upper exterior deck. Interior upgrades include ceiling fans, custom vinyl window treatment, kitchen tiling, bath tiling, new kitchen cabinets, interior painting, new carpet, vinyl floor covering, new HVAC, stainless steel appliances, (refrigerator to be delivered), and more. There is space for a 2nd large lower bedroom(5th BR option), if desired? 24 x 24 detached lower/upper rear garage (not displayed), has personal property in removal process. Storage unit is conveyed at "zero" value and needs repair. POF must accompany all offers. Owner is licensed NC Realtor.

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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: Hickory Ridge

NeighborhoodNIR Market*CityMarket2010Year2000201980k100k120k140k160k180k200k220kPrice in $74k235k

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

Neighborhood: Hickory Ridge

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
Hickory Grove Elementary School Primary Regular 1,010 61 6
Cochrane Collegiate Academy Middle Regular 702 48 2
Cochrane Collegiate Academy High Regular 702 48 2

Hickory Grove Elementary School

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

Cochrane Collegiate Academy

  • Education Level: Middle
  • # of students: 702
  • # of teachers: 48
2
GreatSchools Rating

Cochrane Collegiate Academy

  • Education Level: High
  • # of students: 702
  • # of teachers: 48
2
GreatSchools Rating
 

$283,410$346,390$314,900

PURCHASE PRICE

$1,494$1,826$1,660

RENT

DOWN PAYMENT
FINANCING

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

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,660
EXPENSES Loan Payment -$1,162
Property Tax -$275
Property Insurance -$74
Property Management Fees -$149
CASH FLOW
$0

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.

$314,900

PROJECTED PRICE

$1,660

PROJECTED RENT

0.53%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.94%
Appreciation Year (1-5) 8.81%
Maintenance Year (1-5) 8.00%
Vacancy 6.02%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$89,199

INVESTMENT

$89,199

Down Payment
$78,725
Rehab Estimate
$5,750
Closing Costs
$4,724

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,162

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $78,725
Loan Amount $236,175
See What Happens When You Reinvest Cash Flow

4.33

YEARS SAVED

$15,963

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,660

    LIST RENT
  • $0.66

    LIST RENT PER SQFT
  • $1,806

    COMP ESTIMATED VALUE
  • $0.72

    COMP AVG. RENT PER SQFT
Comps Range
$1,399
1$1,3992$1,6603$1,6754$1,6955$1,750
$1,750
RENT COMPS ANALYSIS
  • 6625 Woodthrush Drive Charlotte, NC 2
    • 4 beds 4 baths ∙ 2,508 Sqft ∙ Built 1983 4 beds 4 baths ∙ 2,508 Sqft ∙ Built 1983
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,660
    • $0.66
    •  
  • 6220 Planters Knoll Lane Charlotte, NC 1
    • 3 beds 3 baths ∙ 2,172 Sqft ∙ Built 2002 3 beds 3 baths ∙ 2,172 Sqft ∙ Built 2002
    property image
    LEASED 11/04/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,399
    • $0.64
    •  
  • 9220 Evans Creek Court Charlotte, NC 3
    • 4 beds 3 baths ∙ 2,180 Sqft ∙ Built 2019 4 beds 3 baths ∙ 2,180 Sqft ∙ Built 2019
    property image
    LEASED 03/16/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,675
    • $0.77
    •  
  • 9224 Evans Creek Court Charlotte, NC 4
    • 4 beds 3 baths ∙ 2,180 Sqft ∙ Built 2018 4 beds 3 baths ∙ 2,180 Sqft ∙ Built 2018
    property image
    LEASED 02/11/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,695
    • $0.78
    •  
  • 5413 Mallard Drive S Charlotte, NC 5
    • 4 beds 3 baths ∙ 2,593 Sqft ∙ Built 1974 4 beds 3 baths ∙ 2,593 Sqft ∙ Built 1974
    property image
    LEASED 05/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,750
    • $0.67
    •  
PROPERTY LISTING DETAILS
John Gordon
1.704.258.0739
J Gordon Realty
BESbswy