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6924 Oakstone Place Charlotte, NC 28210

3 Beds 2 Baths 1,364 sqft Built 1971

INVESTimate

$285,000

List Price

$1,620

$1,458 - $1,782

Rent Est.

$309,653  ( +8.65%)   1 YR EST. FORECAST

PROPERTY INFO

FACTS
  • Built In 1971
  • Price/Sqft : $208.94
  • 9 Days on Market
  • MLS # : 3653101
  • Updated Date : 08/21/2020 at 10:22
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,364 sqft
  • Baths : 1 full , 1 half
Listing Agent

Prostead Realty

Listing Agent's Description

Charming brick ranch located in one of Charlotte's most desirable neighborhoods that is a true gem - Starmount! This 3 bed/1.5 bath home boasts a huge back yard that is already fenced for your 4 legged friends, 120 square foot deck to enjoy the sunset, granite counters in the kitchen and beautiful hardwood floors throughout most of the home. It's convenient to the light rail station making your trips to Uptown or SouthEnd a breeze and with just a short drive to SouthPark you've got all the shopping, dining and entertainment options anybody could want. On top of that, this property is walking distance to the Little Sugar Creek Greenway Trail. All of this in a home that is priced just above tax value means that this one will not last long! So hurry in and make it yours before it's too late!!!

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: Starmount Forest

NeighborhoodNIR Market*CityMarket2010Year2000201980k100k120k140k160k180k200k220kPrice in $62k235k

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

Neighborhood: Starmount Forest

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
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
 

$256,500$313,500$285,000

PURCHASE PRICE

$1,458$1,782$1,620

RENT

DOWN PAYMENT
FINANCING

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$200k$400k$600k$800k$1.0M

PROJECTED ANNUAL CASH FLOW

11530-$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

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,620
EXPENSES Loan Payment -$1,052
Property Tax -$285
Property Insurance -$53
Property Management Fees -$146
CASH FLOW
$85

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.

$285,000

PROJECTED PRICE

$1,620

PROJECTED RENT

0.57%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.94%
Appreciation Year (1-5) 8.65%
Maintenance Year (1-5) 8.00%
Vacancy 6.02%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$81,275

INVESTMENT

$81,275

Down Payment
$71,250
Rehab Estimate
$5,750
Closing Costs
$4,275

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,052

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $71,250
Loan Amount $213,750
See What Happens When You Reinvest Cash Flow

5.67

YEARS SAVED

$21,765

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,620

    LIST RENT
  • $1.19

    LIST RENT PER SQFT
  • $1,698

    COMP ESTIMATED VALUE
  • $1.24

    COMP AVG. RENT PER SQFT
Comps Range
$1,450
1$1,4502$1,4753$1,4754$1,6205$1,650
$1,650
RENT COMPS ANALYSIS
  • 6924 Oakstone Place Charlotte, NC 4
    • 3 beds 2 baths ∙ 1,364 Sqft ∙ Built 1971 3 beds 2 baths ∙ 1,364 Sqft ∙ Built 1971
    • Rent
    • Rent Per SQFT
    •  
    • $1,620
    • $1.19
    •  
  • 6918 Wrentree Drive Charlotte, NC 1
    • 3 beds 1 baths ∙ 1,170 Sqft ∙ Built 1963 3 beds 1 baths ∙ 1,170 Sqft ∙ Built 1963
    LEASED 09/17/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,450
    • $1.24
    •  
  • 7109 Rockcliff Court Charlotte, NC 2
    • 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 3
    • 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
    •  
  • 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
Josh Jolley
1.828.319.7206
Prostead Realty
BESbswy