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6801 Rio Grande Lane Charlotte, NC 28227

4 Beds 3 Baths 1,701 sqft Built 1981

$229,900

List Price

$1,500

$1.4K - $1.7K

Rent Est.

PROPERTY INFO

December 18, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1981
  • Price/Sqft : $135.16
  • 3 Days on Market
  • MLS # : 3692027
  • Updated Date : 12/19/2020 at 10:26
CONSTRUCTION
  • Beds : 4
  • Floor Size : 1,701 sqft
  • Baths : 3 full
Listing Agent

Allen Tate Southpark

Listing Agent's Description

Prepare to be impressed! 1/3 flat acre in quiet cut-de-sac, soaring vaulted ceiling w/ stone fireplace in great room open to dining area - great for entertaining! Natural lit Kitchen just updated w/ quartz counters, subway tile and stainless appliances. 2018 Luxury plank vinyl and carpet throughout. Fantastic layout w/ 3 beds up and 2 full baths - Bonus - lower area is a great hang out space, office or even 4th bedroom as it has it's own full bath. Easy low maintenance vinyl siding and 2017 roof. Convenient to uptown and I-485. Supreme Home Warranty included.

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 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
 

$206,910$252,890$229,900

PURCHASE PRICE

$1,350$1,650$1,500

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,500
EXPENSES Loan Payment -$848
Property Tax -$200
Property Insurance -$59
Property Management Fees -$119
CASH FLOW
$273

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.

$229,900

PROJECTED PRICE

$1,500

PROJECTED RENT

0.65%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.94%
Appreciation Year (1-5) 8.8%
Maintenance Year (1-5) 8.00%
Vacancy 6.02%
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$14k$16k$18k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$100k$200k$300k$400k$500k$600k$700k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$66,674

INVESTMENT

$66,674

Down Payment
$57,475
Rehab Estimate
$5,750
Closing Costs
$3,449

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 30% down payment or higher enables the proceeds from the asset to cover all costs.

$848

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $57,475
Loan Amount $172,425
See What Happens When You Reinvest Cash Flow

11.33

YEARS SAVED

$46,072

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,500

    LIST RENT
  • $0.88

    LIST RENT PER SQFT
  • $1,450

    COMP ESTIMATED VALUE
  • $0.85

    COMP AVG. RENT PER SQFT
Comps Range
$1,250
1$1,2502$1,3753$1,4254$1,4955$1,500
$1,500
RENT COMPS ANALYSIS
  • 6801 Rio Grande Lane Charlotte, NC 5
    • 4 beds 3 baths ∙ 1,701 Sqft ∙ Built 1981 4 beds 3 baths ∙ 1,701 Sqft ∙ Built 1981
    • Rent
    • Rent Per SQFT
    •  
    • $1,500
    • $0.88
    •  
  • 6600 Raeburn Lane Charlotte, NC 1
    • 3 beds 3 baths ∙ 1,600 Sqft ∙ Built 1986 3 beds 3 baths ∙ 1,600 Sqft ∙ Built 1986
    LEASED 12/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,250
    • $0.78
    •  
  • 6728 Raeburn Lane Charlotte, NC 2
    • 3 beds 3 baths ∙ 1,536 Sqft ∙ Built 1986 3 beds 3 baths ∙ 1,536 Sqft ∙ Built 1986
    LEASED 05/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,375
    • $0.90
    •  
  • 8401 Dunsinane Drive Charlotte, NC 3
    • 3 beds 2 baths ∙ 1,688 Sqft ∙ Built 1973 3 beds 2 baths ∙ 1,688 Sqft ∙ Built 1973
    LEASED 03/16/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,425
    • $0.84
    •  
  • 6634 Chestnut Oak Lane Charlotte, NC 4
    • 4 beds 3 baths ∙ 1,681 Sqft ∙ Built 2013 4 beds 3 baths ∙ 1,681 Sqft ∙ Built 2013
    LEASED 03/13/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,495
    • $0.89
    •  
PROPERTY LISTING DETAILS
Shelley Spencer
1.704.907.3800
Allen Tate Southpark
BESbswy