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6722 Pencade Lane Charlotte, NC 28215

4 Beds 3 Baths 2,187 sqft Built 1967

$349,900

List Price

$1,610

$1.4K - $1.8K

Rent Est.

PROPERTY INFO

January 09, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1967
  • Price/Sqft : $159.99
  • 3 Days on Market
  • MLS # : 3696973
  • Updated Date : 01/09/2021 at 18:22
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,187 sqft
  • Baths : 3 full
Listing Agent

Jrbg Realty Llc

Listing Agent's Description

EXCEPTIONAL PERMITTED RENOVATION! Don't miss this opportunity for you to own this move-in ready home with so many upgrades. This 4 Bedroom /3 (Full Baths)-WITH 2 Master suites, home features; NEW HVAC SYSTEM (INCLUDING ALL NEW DUCT WORK), ALL NEW WINDOWS, OPEN CONCEPT LIVING, NEW ROOF INCLUDING NEW GUTTER SYSTEM, NEW EXTERIOR TANKLESS WATER HEATER, ALL NEW S/S APPLIANCES TO CONVEY, ALL NEW KITCHEN WITH SOFT CLOSE SHAKER STYLE CABINETS AND ISLAND INCLUDING HARDWARE, ACCOMPANIED BY BEAUTIFUL GRANITE COUNTER TOPS. REFINISHED HARDWOODS, LVP IN MASTER BEDROOM. NEW COMPLETELY UPDATED BATHS, TILE, VANITIES. ALL NEW Light Fixtures including LED RECESSED LIGHTING. BRAND NEW EXTERIOR & INTERIOR PAINT. EXTENDED DRIVEWAY. EXTERIOR BOASTS A LARGE BACKYARD, WITH SHEDS TO CONVEY. This home checks many boxes making it the Perfect Starter Home in a Great Location, close to dining, entertaining, shopping. HURRY!

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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: 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
 

$314,910$384,890$349,900

PURCHASE PRICE

$1,449$1,771$1,610

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,610
EXPENSES Loan Payment -$1,215
Property Tax -$305
Property Insurance -$68
Property Management Fees -$119
CASH FLOW
-$98

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.

$349,900

PROJECTED PRICE

$1,610

PROJECTED RENT

0.46%

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$1.2M

PROJECTED ANNUAL CASH FLOW

11530-$4.0k-$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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$98,474

INVESTMENT

$98,474

Down Payment
$87,475
Rehab Estimate
$5,750
Closing Costs
$5,249

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 55% down payment or higher enables the proceeds from the asset to cover all costs.

$1,215

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $87,475
Loan Amount $262,425
See What Happens When You Reinvest Cash Flow

3.58

YEARS SAVED

$11,335

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,610

    LIST RENT
  • $0.74

    LIST RENT PER SQFT
  • $1,542

    COMP ESTIMATED VALUE
  • $0.71

    COMP AVG. RENT PER SQFT
Comps Range
$1,250
1$1,2502$1,4003$1,4454$1,5255$1,610
$1,610
RENT COMPS ANALYSIS
  • 6722 Pencade Lane Charlotte, NC 5
    • 4 beds 3 baths ∙ 2,187 Sqft ∙ Built 1967 4 beds 3 baths ∙ 2,187 Sqft ∙ Built 1967
    • Rent
    • Rent Per SQFT
    •  
    • $1,610
    • $0.74
    •  
  • 7330 William Reynolds Drive Charlotte, NC 1
    • 3 beds 2 baths ∙ 1,840 Sqft ∙ Built 2002 3 beds 2 baths ∙ 1,840 Sqft ∙ Built 2002
    LEASED 11/29/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,250
    • $0.68
    •  
  • 6911 Lakeside Drive Charlotte, NC 2
    • 3 beds 2 baths ∙ 1,916 Sqft ∙ Built 1956 3 beds 2 baths ∙ 1,916 Sqft ∙ Built 1956
    LEASED 07/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,400
    • $0.73
    •  
  • 9537 Weikert Road Charlotte, NC 3
    • 3 beds 3 baths ∙ 1,948 Sqft ∙ Built 2018 3 beds 3 baths ∙ 1,948 Sqft ∙ Built 2018
    LEASED 12/06/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,445
    • $0.74
    •  
  • 6202 Purbeck Way Charlotte, NC 4
    • 4 beds 3 baths ∙ 2,368 Sqft ∙ Built 2018 4 beds 3 baths ∙ 2,368 Sqft ∙ Built 2018
    LEASED 01/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,525
    • $0.64
    •  
PROPERTY LISTING DETAILS
Johnny Bhagrattee Guerrero
1.704.968.0315
Jrbg Realty Llc
BESbswy