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6709 Pencade Lane Charlotte, NC 28215

4 Beds 3 Baths 2,210 sqft Built 1967

$275,000

List Price

$1,600

$1.4K - $1.8K

Rent Est.

PROPERTY INFO

November 12, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1967
  • Price/Sqft : $124.43
  • 7 Days on Market
  • MLS # : 3680989
  • Updated Date : 11/12/2020 at 14:42
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,210 sqft
  • Baths : 2 full , 1 half
Listing Agent

Exp Realty

Listing Agent's Description

Stunning Colonial style home MOVE-IN ready in highly sought-after Ravenwood!! Fresh Interiors! New paint. New flooring!! Many updates! VERY spacious, Nice layout, Kitchen overlooks a beautiful almost private, almost fenced flat backyard with storage building! Large deck to relax on after a long day! Generous bedrooms, walk-in closet in Master. 2 Car garage with driveway parking for at least 5 vehicles! NO HOA! Shopping, restaurants medical and so much more close at hand. Convenient to WT Harris, University Area, I-77 and light rail! Beautiful area! Mature trees and shady streets! Walk to Linda Lake!!

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: Hickory Grove

NeighborhoodNIR Market*CityMarket2010Year20002019100k110k120k130k140k150k160k170k180k190k200k210k220k230kPrice in $96k235k

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

Neighborhood: Hickory Grove

NeighborhoodNIR Market*CityMarket2010Year20002019 Q285090095010001050110011501200125013001350140014501500Rent in $8421518

* 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
 

$247,500$302,500$275,000

PURCHASE PRICE

$1,440$1,760$1,600

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,600
EXPENSES Loan Payment -$1,015
Property Tax -$240
Property Insurance -$68
Property Management Fees -$144
CASH FLOW
$133

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.

$275,000

PROJECTED PRICE

$1,600

PROJECTED RENT

0.58%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.98%
Appreciation Year (1-5) 8.4%
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$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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$78,625

INVESTMENT

$78,625

Down Payment
$68,750
Rehab Estimate
$5,750
Closing Costs
$4,125

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,015

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $68,750
Loan Amount $206,250
See What Happens When You Reinvest Cash Flow

6.58

YEARS SAVED

$26,032

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,600

    LIST RENT
  • $0.73

    LIST RENT PER SQFT
  • $1,584

    COMP ESTIMATED VALUE
  • $0.72

    COMP AVG. RENT PER SQFT
Comps Range
$1,400
1$1,4002$1,4453$1,4754$1,5255$1,600
$1,600
RENT COMPS ANALYSIS
  • 6709 Pencade Lane Charlotte, NC 5
    • 4 beds 3 baths ∙ 2,193 Sqft ∙ Built 1967 4 beds 3 baths ∙ 2,193 Sqft ∙ Built 1967
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,600
    • $0.73
    •  
  • 6911 Lakeside Drive Charlotte, NC 1
    • 3 beds 2 baths ∙ 1,916 Sqft ∙ Built 1956 3 beds 2 baths ∙ 1,916 Sqft ∙ Built 1956
    property image
    LEASED 07/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,400
    • $0.73
    •  
  • 9537 Weikert Road Charlotte, NC 2
    • 3 beds 3 baths ∙ 1,948 Sqft ∙ Built 2018 3 beds 3 baths ∙ 1,948 Sqft ∙ Built 2018
    property image
    LEASED 12/06/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,445
    • $0.74
    •  
  • 7402 Frances Irene Drive Charlotte, NC 3
    • 5 beds 3 baths ∙ 2,308 Sqft ∙ Built 2000 5 beds 3 baths ∙ 2,308 Sqft ∙ Built 2000
    property image
    LEASED 07/02/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,475
    • $0.64
    •  
  • 6202 Purbeck Way Charlotte, NC 4
    • 4 beds 3 baths ∙ 2,368 Sqft ∙ Built 2018 4 beds 3 baths ∙ 2,368 Sqft ∙ Built 2018
    property image
    LEASED 01/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,525
    • $0.64
    •  
PROPERTY LISTING DETAILS
Patricia Crump
1.803.984.2880
Exp Realty
BESbswy