3314 Leamington Ln #6

Charlotte, NC 28226

$3,100,000F

6 bd · 7.0 ba · 10,512 sqft · Built 1999 · SingleFamily · Active · 6 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,419/mo
• Mortgage (P&I): −$16,257
• Tax + insurance: −$5,167
• HOA: −$216
• Vac / Maint / Mgmt: −$508
• Net cashflow: $-19,729/mo
• Annual: $-236,742/yr
• Cap rate: -1.34%
• Cash-on-cash: -27.27%
• DSCR: -0.21
• 1% rule: 0.08%
• Cash to close: $868,000

Investor read

• This is a 6-bed/7.0-bath single-family listed at $3.10M. Condition is rated excellent.
• At list price, monthly cash flow is $-20k ($-237k/yr) — negative.
• To cash-flow at today's rent, offer at most $245k (92.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $242k (92.2% below list).
• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $242k (92.2% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $21k of loan paydown is wiped out by about $93k of value loss. Plan a longer hold.
• 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: 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.
• Zoned schools: Beverly Woods Elementary (math 76% / reading 68%, grade A-, #73 of 1,410 statewide, top 6%, 611 students, 15% FRL); Carmel Middle (math 47% / reading 48%, grade C-, #140 of 475 statewide, top 30%, 1,076 students, 25% FRL); South Mecklenburg High School (math 71% / reading 66%, grade B, #134 of 535 statewide, top 25%, 3,344 students, 36% FRL) — zoned schools average 25% FRL vs 49% district-wide (24 pts lower); this property's tenant base skews higher-income than the district average.
• Zoned-school proficiency averages 63% at this address vs 44% district-wide (+19 pts) — the actual schools serving this property are materially stronger than the Charlotte-Mecklenburg Schools average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: Rents soft (-0.2%/yr); 291 active listings in the ZIP; high-income renter base; 11,969 units permitted in Mecklenburg County in 2024 (5,377 in 5+ unit buildings).
• Mecklenburg County population projected at +53% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• Climate carrying-cost: major wind risk, 27% chance of damaging wind over 30y; extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate -1.3% vs local median 3.2% in Charlotte — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.

Questions for listing agent

• 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?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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?
• 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?
• 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.
• 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.