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

6737 Starcrest Drive Charlotte, NC 28210

3 Beds 2 Baths 1,240 sqft Built 1961

$300,000

List Price

$1,550

$1.4K - $1.7K

Rent Est.

PROPERTY INFO

FACTS
  • Built In 1961
  • Price/Sqft : $241.94
  • 37 Days on Market
  • MLS # : 3655791
  • Updated Date : 11/02/2020 at 09:20
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,240 sqft
  • Baths : 1 full , 1 half
Listing Agent

Keller Williams Ballantyne Area

Listing Agent's Description

Beautiful 1-story/basement home located on a Starcrest Drive w/ a large fenced back yard and mature trees. Beautiful updated kitchen with new appliances, cabinets and floors. Large window overlooking the back yard. New windows and gutters. Private street/ not cut through. Screened porch, huge rec room with fireplace. NO HOA! Short walk to light rail access, close to uptown and South Park area.

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: Starmount

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300kPrice in $101k311k

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

Neighborhood: Starmount

NeighborhoodNIR Market*CityMarket2010Year20002019 Q285090095010001050110011501200125013001350140014501500Rent in $8421520

* 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
Starmount Academy Of Excellence Primary Regular NA
Carmel Middle School Middle Regular 1,050 58 7
South Mecklenburg High School High Regular 2,913 147 7

Starmount Academy Of Excellence

  • Education Level: Primary
  • # of students:
  • # of teachers:
NA
GreatSchools Rating

Carmel Middle School

  • Education Level: Middle
  • # of students: 1,050
  • # of teachers: 58
7
GreatSchools Rating

South Mecklenburg High School

  • Education Level: High
  • # of students: 2,913
  • # of teachers: 147
7
GreatSchools Rating
 

$270,000$330,000$300,000

PURCHASE PRICE

$1,395$1,705$1,550

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,550
EXPENSES Loan Payment -$1,107
Property Tax -$306
Property Insurance -$51
Property Management Fees -$140
CASH FLOW
-$53

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.

$300,000

PROJECTED PRICE

$1,550

PROJECTED RENT

0.52%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.98%
Appreciation Year (1-5) 7.8%
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-$4.0k-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k$10k

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$85,250

INVESTMENT

$85,250

Down Payment
$75,000
Rehab Estimate
$5,750
Closing Costs
$4,500

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,107

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $75,000
Loan Amount $225,000
See What Happens When You Reinvest Cash Flow

3.33

YEARS SAVED

$10,264

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,550

    LIST RENT
  • $1.25

    LIST RENT PER SQFT
  • $1,556

    COMP ESTIMATED VALUE
  • $1.26

    COMP AVG. RENT PER SQFT
Comps Range
$1,475
1$1,4752$1,4753$1,4954$1,5505$1,650
$1,650
RENT COMPS ANALYSIS
  • 6737 Starcrest Drive Charlotte, NC 4
    • 3 beds 2 baths ∙ 1,240 Sqft ∙ Built 1961 3 beds 2 baths ∙ 1,240 Sqft ∙ Built 1961
    • Rent
    • Rent Per SQFT
    •  
    • $1,550
    • $1.25
    •  
  • 7109 Rockcliff Court Charlotte, NC 1
    • 3 beds 2 baths ∙ 1,170 Sqft ∙ Built 1961 3 beds 2 baths ∙ 1,170 Sqft ∙ Built 1961
    LEASED 02/24/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,475
    • $1.26
    •  
  • 7101 Thorncliff Drive Charlotte, NC 2
    • 3 beds 2 baths ∙ 1,170 Sqft ∙ Built 1963 3 beds 2 baths ∙ 1,170 Sqft ∙ Built 1963
    LEASED 06/05/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,475
    • $1.26
    •  
  • 1332 Edgewater Drive Charlotte, NC 3
    • 3 beds 2 baths ∙ 1,170 Sqft ∙ Built 1961 3 beds 2 baths ∙ 1,170 Sqft ∙ Built 1961
    LEASED 09/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,495
    • $1.28
    •  
  • 1507 Tessava Court Charlotte, NC 5
    • 3 beds 3 baths ∙ 1,358 Sqft ∙ Built 1997 3 beds 3 baths ∙ 1,358 Sqft ∙ Built 1997
    LEASED 11/11/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,650
    • $1.22
    •  
PROPERTY LISTING DETAILS
Thomas Elrod
1.704.228.6900
Keller Williams Ballantyne Area
BESbswy