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6908 Lancer Drive Charlotte, NC 28226

4 Beds 3 Baths 1,344 sqft Built 1964

$465,000

List Price

$2,130

$1.9K - $2.3K

Rent Est.

PROPERTY INFO

FACTS
  • Single Family
  • Built In 1964
  • Price/Sqft : $345.98
  • 30 Days on Market
  • MLS # : 3688999
  • Updated Date : 01/02/2021 at 10:01
CONSTRUCTION
  • Beds : 4
  • Floor Size : 1,344 sqft
  • Baths : 3 full
Listing Agent

Dickens Mitchener & Associates Inc

Listing Agent's Description

Classic OP ranch basement home on over a half acre will impress you with its multiple large living spaces, beautiful hardwoods, updated bathrooms, screen porch and huge yard to run and play! Main level has open living and dining room, updated kitchen with granite and stainless appliances overlooks serene back yard. Three bedrooms and 2 full baths finish out this level. Downstairs offers a very large living space with brick hearth, gas logs and opens to a peaceful screen porch. Also downstairs is another bedroom suite with private bath that currently functions as a home office. The garage space is unfinished but offers tons of space with shelving and cabinets. Laundry is also in the garage. Enjoy your new home on the most popular street in OP! Walk or bike to shopping, school and dining. Myers Park school district. Also close to all the private schools! Easy commute to Southpark, Uptown, Ballantyne. The location is second to none! Memberships at Windyrush CC available

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: Olde Providence South

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450kPrice in $116k474k

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

Neighborhood: Olde Providence South

NeighborhoodNIR Market*CityMarket2010Year20002019 Q290010001100120013001400150016001700180019002000210022002300Rent in $8442306

* 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
Olde Providence Elementary School Primary Regular 717 39 9
Carmel Middle School Middle Regular 1,050 58 7
Myers Park High School High Regular 2,762 145 8

Olde Providence Elementary School

  • Education Level: Primary
  • # of students: 717
  • # of teachers: 39
9
GreatSchools Rating

Carmel Middle School

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

Myers Park High School

  • Education Level: High
  • # of students: 2,762
  • # of teachers: 145
8
GreatSchools Rating
 

$418,500$511,500$465,000

PURCHASE PRICE

$1,917$2,343$2,130

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,130
EXPENSES Loan Payment -$1,716
Property Tax -$405
Property Insurance -$66
Property Management Fees -$119
CASH FLOW
-$177

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.

$465,000

PROJECTED PRICE

$2,130

PROJECTED RENT

0.46%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.48%
Appreciation Year (1-5) 3.9%
Maintenance Year (1-5) 8.00%
Vacancy 6.31%
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-$5.0k$0.0$5.0k$10k$15k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k$1.0M$1.2M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$128,975

INVESTMENT

$128,975

Down Payment
$116,250
Rehab Estimate
$5,750
Closing Costs
$6,975

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,716

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $116,250
Loan Amount $348,750
See What Happens When You Reinvest Cash Flow

3.75

YEARS SAVED

$19,278

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,130

    LIST RENT
  • $1.02

    LIST RENT PER SQFT
  • $2,113

    COMP ESTIMATED VALUE
  • $1.01

    COMP AVG. RENT PER SQFT
Comps Range
$1,850
1$1,8502$2,0003$2,1304$2,1605$2,304
$2,304
RENT COMPS ANALYSIS
  • 6908 Lancer Drive Charlotte, NC 3
    • 4 beds 3 baths ∙ 2,087 Sqft ∙ Built 1964 4 beds 3 baths ∙ 2,087 Sqft ∙ Built 1964
    • Rent
    • Rent Per SQFT
    •  
    • $2,130
    • $1.02
    •  
  • 3025 Rea Road Charlotte, NC 1
    • 3 beds 3 baths ∙ 2,029 Sqft ∙ Built 1987 3 beds 3 baths ∙ 2,029 Sqft ∙ Built 1987
    LEASED 02/29/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,850
    • $0.91
    •  
  • 6925 Heatherford Drive Charlotte, NC 2
    • 4 beds 3 baths ∙ 2,116 Sqft ∙ Built 1968 4 beds 3 baths ∙ 2,116 Sqft ∙ Built 1968
    LEASED 06/11/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,000
    • $0.95
    •  
  • 6622 Old Providence Road Charlotte, NC 4
    • 4 beds 3 baths ∙ 2,089 Sqft ∙ Built 1964 4 beds 3 baths ∙ 2,089 Sqft ∙ Built 1964
    LEASED 04/07/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,160
    • $1.03
    •  
  • 6908 Foxworth Drive Charlotte, NC 5
    • 4 beds 3 baths ∙ 2,221 Sqft ∙ Built 1966 4 beds 3 baths ∙ 2,221 Sqft ∙ Built 1966
    LEASED 04/23/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,304
    • $1.04
    •  
PROPERTY LISTING DETAILS
Kimberly Young
1.704.560.1340
Dickens Mitchener & Associates Inc
BESbswy