4814 Spring Lake Dr Unit E · Charlotte, NC 28212

$132,000

2 bd · 2.0 ba · 1,050 sqft · Condo · 196 Days on market

Built 1981 $300/mo HOA · 20% of rent ↓ 26% since listing

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Why this score? — see what drove the D grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +11.3/30.0
• ARV discount +7.5/15.0
• 1% rule +6.2/10.0
• Livability +3.9/5.0
• Schools +3.8/10.0
• DSCR +3.3/10.0
• Condition / age +2.5/5.0
• Rent growth +1.7/5.0
• Appreciation +0.0/10.0

Listing remarks

This condo is waiting for it's new owner! Ready for you to call it your home or you can add it to your rental portfolio! Charming 2 Bed 2 Bath condo with a spacious floor plan. You could relax in the living area by the fireplace after a long day of work! The master suite includes a soaker tub and a back patio with a beautiful view. Located on the third floor - You do not want to miss this opportunity to make it yours!

Key facts

• Beautiful view
• Soaker tub
• Fireplace

Tags

• FIREPLACE
• SOAKER TUB
• BACK PATIO
• BEAUTIFUL VIEW

Property features AI

Finance

• HOA & community: Mandatory HOA managed by Henderson Association Management; HOA fee $300 monthly

Exterior

• Parking: Assigned parking
• Utilities: City water; Public sewer
• Home design: Condominium (residential); Site-built construction; Brick exterior; Three levels; Slab foundation
• Construction: Site built; Brick full exterior; Slab foundation
• Exterior features: Concrete road access; Private maintained road

Interior

• Kitchen: Refrigerator
• Bedrooms: 2 bedrooms (both on the main level)
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating; Central air conditioning
• Interior features: Refrigerator included; Fireplace; Entry on level 3
• Laundry & utility: Laundry closet

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $132k.

Deal economics

• At list price, monthly cash flow is $-47 ($-565/yr) — negative.
• To cash-flow at today's rent, offer at most $125k (5.2% below list).
• Meets the 1% rule at list price ($1k rent vs $132k).
• Recommended offer: $116k (12.0% below list) — sets the bar for market timing.
• Cap rate 5.9% vs local median 3.1% in Charlotte — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 78/100 on livability (#26 in NC, #2,502 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, housing A+; Watch: schools D+, crime F.
• Charlotte-Mecklenburg Schools (urban): math 42% / reading 46% proficiency, ranked #85 of 178 in NC (top 48%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents falling (-3.0%/yr); 127 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 16d on market — plan ~3-4 weeks tenant-placement turnaround); 11,969 units permitted in Mecklenburg County in 2024 (5,377 in 5+ unit buildings).
• This rent runs 34% of the median local income ($53k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $913 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Mecklenburg County population projected at +53% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 196 days — a 12% lower offer ($116k) is reasonable based on typical stale-listing flexibility.
• 10 sale attempts since 3y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.

Risks & watch-outs

• Watch-outs: HOA is 20% of rent.
• Climate carrying-cost: major wind risk, 27% chance of damaging wind over 30y; extreme-heat days projected 7→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $116,160 (12.0% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 196 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
8. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
9. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
10. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
11. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
12. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.12% ✓
• Cap rate: 5.86%
• Cash-on-cash: -1.53%
• DSCR: 0.93
• GRM: 7.5

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -23.3%
• Equity multiple: 0.23×
• Total profit: $-28,505
• Equity at exit: $19,682

10-year hold

• IRR: -35.0%
• Equity multiple: -0.21×
• Total profit: $-44,548
• Equity at exit: $11,413

Cash invested: $36,960 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 85 Strongly Landlord-Friendly
• State North Carolina: 85 Strongly Landlord-Friendly · R+3
• County: — inherits STATE
• City: — inherits STATE

10-day notice; preempted; landlord-favorable but court speed varies.

Methodology + full state rankings →

ZIP-level market 28212

• Rents YoY: -3.0%
• Active inventory: 127
• Price-to-rent: 7.5×

Monthly cashflow live

• Estimated rent: $1,475 high
• Mortgage (P&I): −$692
• Tax est. 1.5%: −$165 /mo · $1,980/yr
• Insurance: −$55
• HOA: −$300
• Vacancy / Maint / Mgmt: −$310
• Net cashflow: $-47

Break-even live

Break-even rent $1,534

Max offer price $125,185

Occupancy floor 98%

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $33,000
• Closing costs: $3,960
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4811 Spring Lake Dr Unit E Charlotte, NC	2.0	2.0	1053	$1,500	$1.42	20d	1	0.02mi
4900 Spring Lake Dr Charlotte, NC	2.0	2.0	1053	$1,499	$1.42	12d	1	0.05mi
4700 Twisted Oaks Rd Charlotte, NC	1.0–2.0	1.0–2.0	780	$1,498	$1.92	1d	14	0.11mi
5100 Little Greenleaf Way Charlotte, NC	2.0	2.0	970	$1,199	$1.24	7d	1	0.13mi
4617 Sharon Chase Dr Unit H Charlotte, NC	2.0	2.0	908	$1,395	$1.54	23d	1	0.48mi
4608 Sharon Chase Dr Unit C Charlotte, NC	3.0	2.0	1062	$1,700	$1.60	16d	1	0.51mi
4033 Woodgreen Ter Charlotte, NC	3.0	2.0	1456	$2,600	$1.79	16d	1	0.57mi
4908 Endolwood Rd Charlotte, NC	1.0–2.0	1.0–2.0	775	$1,405	$1.81	2d	25	0.60mi
4408 Sharon Chase Dr Charlotte, NC	1.0	1.0	992	$730	$0.74	16d	1	0.63mi
4309 Dowling Dr Charlotte, NC	3.0	1.5	1323	$1,995	$1.51	14d	1	0.65mi
4417 Sharon Chase Dr Unit A Charlotte, NC	2.0	2.0	929	$1,299	$1.40	16d	1	0.68mi
6103 Guildford Hill Ln Charlotte, NC	1.0	1.0	1475	$595	$0.40	23d	1	0.78mi
6103 Guildford Hill Ln Charlotte, NC	1.0	1.0	1475	$895	$0.61	16d	1	0.78mi
6050 Guildford Hill Ln Charlotte, NC	3.0	2.5	1429	$1,795	$1.26	23d	1	0.80mi
3829 N Sharon Amity Rd Charlotte, NC	3.0	1.0	1500	$1,600	$1.07	16d	1	0.91mi
7113 Village Green Dr Charlotte, NC	1.0–2.0	1.0	710	$1,175	$1.65	1d	8	0.92mi
2635 Clover Hill Ln Charlotte, NC	3.0	1.5	1281	$2,200	$1.72	23d	1	0.93mi
4122 Birch Leaf Ct Unit 202 Charlotte, NC	2.0	2.5	1320	$1,599	$1.21	10d	1	0.94mi
3741 N Sharon Amity Rd Charlotte, NC	3.0	1.5	1368	$1,750	$1.28	10d	1	0.96mi
3908 Briarhill Dr Charlotte, NC	3.0	1.5	1229	$1,395	$1.14	23d	1	0.98mi
6017 Williams Rd Charlotte, NC	3.0	1.0–2.0	877	$1,567	$1.79	23d	1	1.02mi
4933 Central Ave Charlotte, NC	1.0–3.0	1.0–2.0	906	$1,464	$1.62	1d	15	1.02mi
1207 Kelston Pl Charlotte, NC	1.0–3.0	1.0–2.0	1022	$1,219	$1.19	1d	42	1.03mi
7000 Barrington Dr Unit 2703-08 Charlotte, NC	2.0	1.5	945	$1,160	$1.23	4d	1	1.06mi
7000 Barrington Dr Unit 7101-05 Charlotte, NC	1.0	1.0	756	$980	$1.30	23d	1	1.06mi
7000 Barrington Dr Unit 2621-03 Charlotte, NC	1.0	1.0	756	$1,120	$1.48	23d	1	1.06mi
7000 Barrington Dr Unit 2500-10 Charlotte, NC	2.0	1.5	945	$1,410	$1.49	7d	1	1.06mi
7000 Barrington Dr Unit L2705-01 Charlotte, NC	3.0	1.5	1320	$1,600	$1.21	14d	1	1.06mi
7000 Barrington Dr Unit L2615-05 Charlotte, NC	1.0	1.0	756	$980	$1.30	14d	1	1.06mi
5507 Lawrence Orr Rd Charlotte, NC	3.0	2.0	1148	$1,820	$1.59	7d	1	1.06mi
4306 Tantilla Cir Charlotte, NC	2.0	1.0	777	$1,165	$1.50	23d	1	1.07mi
5625 Keyway Blvd Charlotte, NC	1.0–2.0	1.0–2.0	783	$1,360	$1.74	1d	16	1.08mi
7000 Barrington Dr Charlotte, NC	1.0–3.0	1.0–1.5	997	$1,290	$1.29	1d	8	1.09mi
3829 Stonehaven Dr Charlotte, NC	3.0	1.5	1081	$1,850	$1.71	16d	1	1.09mi
5625 Hollyfield Dr Charlotte, NC	1.0–3.0	1.0–2.0	1118	$2,052	$1.83	2d	188	1.10mi
3932 Slagle Dr Charlotte, NC	3.0	2.0	1015	$1,800	$1.77	23d	1	1.11mi
4540 Tantilla Cir Charlotte, NC	1.0–2.0	1.0–2.0	748	$1,350	$1.80	7d	4	1.13mi
7264 Rose Terrace Ct Charlotte, NC	2.0	2.0	1000	$1,375	$1.38	4d	6	1.13mi
7000 Barrington Dr Unit 2500-03 Charlotte, NC	2.0	1.5	945	$1,410	$1.49	23d	1	1.13mi
7234 Rose Terrace Ct Unit 7242 Charlotte, NC	2.0	2.0	1000	$1,450	$1.45	23d	1	1.14mi

HOA detail condo

• Monthly dues: $300 · $3,600/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 38 events

1. 2026-06-18
   days on market $132,000 Active 196 DOM
2. 2026-06-17
   days on market $132,000 Active 195 DOM
3. 2026-06-16
   days on market $132,000 Active 194 DOM
4. 2026-06-15
   days on market $132,000 Active 193 DOM
5. 2026-06-13
   days on market $132,000 Active 191 DOM
6. 2026-06-10
   days on market $132,000 Active 187 DOM
7. 2026-06-08
   days on market $132,000 Active 186 DOM
8. 2026-06-07
   days on market $132,000 Active 185 DOM
9. 2026-06-04
   days on market $132,000 Active 182 DOM
10. 2026-06-03
    days on market $132,000 Active 181 DOM
11. 2026-06-02
    days on market $132,000 Active 180 DOM
12. 2026-06-02
    days on market $132,000 Active 179 DOM
13. 2026-05-31
    days on market $132,000 Active 178 DOM
14. 2025-12-07
    status Active
15. 2025-10-23
    status Pending
16. 2025-10-20
    price $132,000
17. 2025-10-20
    listed $133,000 Active
18. 2025-07-07
    price $133,000
19. 2025-06-27
    price $134,000
20. 2025-06-03
    price $139,000
21. 2025-04-09
    status Active
22. 2025-03-03
    status Pending
23. 2025-02-25
    listed $134,900 Active
24. 2024-10-15
    listed $140,000 Active
25. 2024-09-20
    price $144,500
26. 2024-08-19
    price $145,000
27. 2024-06-20
    listed $146,500 Active
28. 2024-06-10
    price $148,000
29. 2024-04-27
    price $149,000
30. 2024-04-05
    status Active
31. 2024-02-26
    status Pending
32. 2024-02-16
    listed $155,000 Active
33. 2023-10-01
    price $162,000
34. 2023-09-26
    price $168,800
35. 2023-09-18
    price $169,000
36. 2023-08-24
    price $174,000
37. 2023-08-09
    listed $179,000 Active
38. 2023-08-04
    listed $179,000 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 6/10 Major 7 d/yr ≥104°F today · 17 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 27% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $17,698
• − Mortgage interest: −$7,394
• − Property taxes: −$1,980
• − Insurance: −$660
• − Repairs & maintenance: −$1,416
• − Management: −$1,416
• − HOA: −$3,600
• − Depreciation: −$3,840
• Taxable loss: −$2,608
• Est. tax savings @ 24.0%: +$626
• After-tax cash flow: $61/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Charlotte-Mecklenburg Schools
• NCES district ID: 3702970
• Math proficiency: 42% ▼ -6.00%
• Reading proficiency: 46% ▲ 1.00%
• Median HH income: $57,175
• Composite: 38.49/100
• National rank: #4183
• State rank: #85 of 178 in NC

Livability — Charlotte

• Score: 78/100
• State rank: #26
• US rank: #2502

Category grades

Amenities A+ Commute A+ Cost of living B Crime F Employment B- Housing A+ Health & safety A+ User ratings F

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Charlotte, NC
• County: Mecklenburg County · 1,167,319 people
• City population: 920,422
• Metro: Charlotte-Concord-Gastonia, NC-SC
• Population (ZIP): 42,440
• Household income: $52,723
• Rent vs Own: 62.0% rent · 38.0% own
• Severe rent burden: 2550.0

Population outlook (Mecklenburg County) Hauer SSP2

• Today (2025): 1,305,740 people
• By 2030: 1,442,752 · +10.5%
• By 2040: 1,722,441 · +31.9%
• By 2050: 1,999,450 · +53.1%
• By 2075: 2,642,495 · +102.4%
• By 2100: 3,106,755 · +137.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Highly diverse neighborhood (Simpson 0.71)
• Race & ethnicity: Black 39% Hispanic / Latino 32% White 18% Two or more races 12% Asian 8% Native American 1%
• Hispanic origin (detail): Mexican 14% Dominican 2%
• Common ancestry: Serbian 1% Lithuanian 1% Slovak 1%
• Foreign-born: 29% · Canada, Philippines, Jamaica
• Languages at home: 60% English-only · Spanish 29% Other Indo-European 3% Other Asian/Pacific 3%

Political lean MEDSL · Mecklenburg

• 2024 margin: Solid D (+32.9) · D 65.6% · R 32.7% · Other 1.6%
• 2008→2024 swing: +8.5pp toward D · 2008: 24.4pp · 2024: 32.9pp
• All cycles: 2024: D+32.9 2020: D+35.1 2016: D+29.9 2012: D+22.5 2008: D+24.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -268.88%
• Current HPI: 317.7088
• Rent YoY: ▼ -3.02%
• Metro: Charlotte-Concord-Gastonia, NC-SC
• State GDP YoY: ▲ 3.28%
• F500 in state: 26

Industry mix (Fortune 500 HQ in NC)

Industry	F500 HQs	Revenue
▸Financial Services	2	$213B
▸Retail	2	$95B
▸Industrial Conglomerate	1	$38B
▸Metals / Steel	1	$35B
▸Utilities	1	$30B
▸Industrial Machinery	1	$19B

Price history

-26.3% since first listed

25 events — show timeline

• 2025-12-07 Relisted — CANOPYMLS as Distributed by MLS Grid
• 2025-10-23 Pending — CANOPYMLS as Distributed by MLS Grid
• 2025-10-20 Price Changed $132,000 CANOPYMLS as Distributed by MLS Grid
• 2025-10-20 Listed $133,000 CANOPYMLS as Distributed by MLS Grid
• 2025-07-07 Price Changed $133,000 CANOPYMLS as Distributed by MLS Grid
• 2025-06-27 Price Changed $134,000 CANOPYMLS as Distributed by MLS Grid
• 2025-06-03 Price Changed $139,000 CANOPYMLS as Distributed by MLS Grid
• 2025-04-09 Relisted — CANOPYMLS as Distributed by MLS Grid
• 2025-03-03 Pending — CANOPYMLS as Distributed by MLS Grid
• 2025-02-25 Listed $134,900 CANOPYMLS as Distributed by MLS Grid
• 2024-10-15 Listed $140,000 CANOPYMLS as Distributed by MLS Grid
• 2024-09-20 Price Changed $144,500 CANOPYMLS as Distributed by MLS Grid
• 2024-08-19 Price Changed $145,000 CANOPYMLS as Distributed by MLS Grid
• 2024-06-20 Listed $146,500 CANOPYMLS as Distributed by MLS Grid
• 2024-06-10 Price Changed $148,000 CANOPYMLS as Distributed by MLS Grid
• 2024-04-27 Price Changed $149,000 CANOPYMLS as Distributed by MLS Grid
• 2024-04-05 Relisted — CANOPYMLS as Distributed by MLS Grid
• 2024-02-26 Pending — CANOPYMLS as Distributed by MLS Grid
• 2024-02-16 Listed $155,000 CANOPYMLS as Distributed by MLS Grid
• 2023-10-01 Price Changed $162,000 CANOPYMLS as Distributed by MLS Grid
• 2023-09-26 Price Changed $168,800 CANOPYMLS as Distributed by MLS Grid
• 2023-09-18 Price Changed $169,000 CANOPYMLS as Distributed by MLS Grid
• 2023-08-24 Price Changed $174,000 CANOPYMLS as Distributed by MLS Grid
• 2023-08-09 Listed $179,000 CANOPYMLS as Distributed by MLS Grid
• 2023-08-04 Listed $179,000 CANOPYMLS as Distributed by MLS Grid