4804 Spring Lake Dr Unit B · Charlotte, NC 28212

$109,900

2 bd · 2.0 ba · 1,053 sqft · Condo public records · 705 Days on market

Built 1981 $314/mo HOA · 21% of rent

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Why this score? — see what drove the C 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 +20.7/30.0
• 1% rule +8.5/10.0
• ARV discount +7.5/15.0
• DSCR +6.6/10.0
• Livability +3.9/5.0
• Schools +3.8/10.0
• Condition / age +2.5/5.0
• Rent growth +1.7/5.0
• Appreciation +0.0/10.0

Listing remarks

Nice 2 bedroom, 2 bath condo in the Watermark complex. The property is ideal for an investor and the tenant would like to remain in the unit but can be out by closing, if necessary. The tenant will let you in for showings and will remain in the property during showings.

Key facts

• $314 HOA
• Built 1981
• Listed 705 days

Property features AI

Finance

• HOA & community: Mandatory HOA (Henderson Properties); Monthly association fee of $314

Exterior

• Parking: Assigned parking
• Utilities: City water; Public sewer; Cable available
• Home design: Condominium; Residential property; One story; Site-built construction; Brick exterior
• Construction: Slab foundation
• Exterior features: Asphalt-paved road access; Publicly maintained road

Interior

• Kitchen: Dishwasher; Disposal; Electric range; Refrigerator
• Bedrooms: 2 bedrooms on the main level
• Bathrooms: 2 full bathrooms (main level)
• Heating & cooling: Heat pump heating; Central air conditioning (electric, heat pump)
• Interior features: Open floor plan (1 main living area); Electric water heater; Plumbed for ice maker; Has fireplace; Entry at main level
• Laundry & utility: Washer hookup; Electric dryer hookup; Main-level utility / laundry room

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $110k.

Deal economics

• At list price, monthly cash flow is $150 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $110k).
• Recommended offer: $97k (12.0% below list) — sets the bar for market timing.
• Cap rate 7.9% 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 17d 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 $760 of loan paydown is wiped out by about $3k 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 705 days — a 12% lower offer ($97k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 3y ago; this cycle's ask has dropped $50k (31%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $40k; list at $110k implies a 171% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: HOA is 21% 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 $96,712 (12.0% below list)

Questions for the listing agent

1. It's been on market 705 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. 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?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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.
9. 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.
10. 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: 1.35% ✓
• Cap rate: 7.93%
• Cash-on-cash: 5.83%
• DSCR: 1.26
• GRM: 6.2

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: -11.6%
• Equity multiple: 0.60×
• Total profit: $-12,452
• Equity at exit: $16,386

10-year hold

• IRR: -9.4%
• Equity multiple: 0.52×
• Total profit: $-14,650
• Equity at exit: $9,502

Cash invested: $30,772 (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: 6.2×

Monthly cashflow live

• Estimated rent: $1,485 high
• Mortgage (P&I): −$576
• Tax from tax record: −$88 /mo · $1,053/yr
• Insurance: −$46
• HOA: −$314
• Vacancy / Maint / Mgmt: −$312
• Net cashflow: $150

Break-even live

Break-even rent $1,296

Max offer price $109,900

Occupancy floor 85%

Sensitivity live

Price	-10% $212	-5% $181	+0% $150	+5% $118	+10% $87
Rent	-10% $32	-5% $91	+0% $150	+5% $208	+10% $267
Rate	-1.0pp $205	-0.5pp $177	base $150	+0.5pp $121	+1.0pp $92

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: $27,475
• Closing costs: $3,297
• 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	0.04mi
4700 Twisted Oaks Rd Charlotte, NC	1.0–2.0	1.0–2.0	780	$1,498	$1.92	2d	14	0.06mi
4900 Spring Lake Dr Charlotte, NC	2.0	2.0	1053	$1,499	$1.42	13d	1	0.10mi
5100 Little Greenleaf Way Charlotte, NC	2.0	2.0	970	$1,199	$1.24	8d	1	0.17mi
4617 Sharon Chase Dr Unit H Charlotte, NC	2.0	2.0	908	$1,395	$1.54	24d	1	0.51mi
4033 Woodgreen Ter Charlotte, NC	3.0	2.0	1456	$2,600	$1.79	16d	1	0.52mi
4608 Sharon Chase Dr Unit C Charlotte, NC	3.0	2.0	1062	$1,700	$1.60	16d	1	0.52mi
4309 Dowling Dr Charlotte, NC	3.0	1.5	1323	$1,995	$1.51	15d	1	0.61mi
4408 Sharon Chase Dr Charlotte, NC	1.0	1.0	992	$730	$0.74	16d	1	0.64mi
4908 Endolwood Rd Charlotte, NC	1.0–2.0	1.0–2.0	775	$1,405	$1.81	3d	25	0.64mi
4417 Sharon Chase Dr Unit A Charlotte, NC	2.0	2.0	929	$1,299	$1.40	16d	1	0.70mi
6103 Guildford Hill Ln Charlotte, NC	1.0	1.0	1475	$595	$0.40	24d	1	0.83mi
6103 Guildford Hill Ln Charlotte, NC	1.0	1.0	1475	$895	$0.61	16d	1	0.83mi
6050 Guildford Hill Ln Charlotte, NC	3.0	2.5	1429	$1,795	$1.26	24d	1	0.85mi
3829 N Sharon Amity Rd Charlotte, NC	3.0	1.0	1500	$1,600	$1.07	16d	1	0.87mi
7113 Village Green Dr Charlotte, NC	1.0–2.0	1.0	710	$1,175	$1.65	2d	8	0.92mi
3741 N Sharon Amity Rd Charlotte, NC	3.0	1.5	1368	$1,750	$1.28	10d	1	0.93mi
2635 Clover Hill Ln Charlotte, NC	3.0	1.5	1281	$2,200	$1.72	24d	1	0.93mi
3908 Briarhill Dr Charlotte, NC	3.0	1.5	1229	$1,395	$1.14	24d	1	0.96mi
4933 Central Ave Charlotte, NC	1.0–3.0	1.0–2.0	906	$1,464	$1.62	2d	15	0.98mi
4122 Birch Leaf Ct Unit 202 Charlotte, NC	2.0	2.5	1320	$1,599	$1.21	11d	1	0.99mi
1207 Kelston Pl Charlotte, NC	1.0–3.0	1.0–2.0	1022	$1,219	$1.19	2d	42	1.05mi
3829 Stonehaven Dr Charlotte, NC	3.0	1.5	1081	$1,850	$1.71	16d	1	1.05mi
6017 Williams Rd Charlotte, NC	3.0	1.0–2.0	877	$1,567	$1.79	24d	1	1.06mi
7000 Barrington Dr Unit 2703-08 Charlotte, NC	2.0	1.5	945	$1,160	$1.23	5d	1	1.07mi
7000 Barrington Dr Unit 7101-05 Charlotte, NC	1.0	1.0	756	$980	$1.30	24d	1	1.07mi
7000 Barrington Dr Unit 2621-03 Charlotte, NC	1.0	1.0	756	$1,120	$1.48	24d	1	1.07mi
7000 Barrington Dr Unit 2500-10 Charlotte, NC	2.0	1.5	945	$1,410	$1.49	8d	1	1.07mi
7000 Barrington Dr Unit L2705-01 Charlotte, NC	3.0	1.5	1320	$1,600	$1.21	15d	1	1.07mi
7000 Barrington Dr Unit L2615-05 Charlotte, NC	1.0	1.0	756	$980	$1.30	15d	1	1.07mi
3932 Slagle Dr Charlotte, NC	3.0	2.0	1015	$1,800	$1.77	24d	1	1.09mi
5625 Hollyfield Dr Charlotte, NC	1.0–3.0	1.0–2.0	1118	$2,052	$1.83	3d	188	1.09mi
7000 Barrington Dr Charlotte, NC	1.0–3.0	1.0–1.5	997	$1,290	$1.29	2d	8	1.09mi
5507 Lawrence Orr Rd Charlotte, NC	3.0	2.0	1148	$1,820	$1.59	8d	1	1.10mi
3929 Winterfield Pl Unit 1 Charlotte, NC	2.0	1.5	849	$1,400	$1.65	22d	1	1.11mi
4306 Tantilla Cir Charlotte, NC	2.0	1.0	777	$1,165	$1.50	24d	1	1.11mi
5625 Keyway Blvd Charlotte, NC	1.0–2.0	1.0–2.0	783	$1,360	$1.74	2d	16	1.14mi
7000 Barrington Dr Unit 2500-03 Charlotte, NC	2.0	1.5	945	$1,410	$1.49	24d	1	1.14mi
1803 Darbrook Dr Charlotte, NC	3.0	1.5	959	$1,500	$1.56	5d	1	1.15mi
1803 Darbrook Dr Charlotte, NC	3.0	1.5	959	$1,500	$1.56	22d	1	1.15mi

HOA detail condo

• Monthly dues: $314 · $3,768/yr
• Likely covers: water
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 33 events

1. 2026-06-18
   days on market $109,900 Active 705 DOM
2. 2026-06-17
   days on market $109,900 Active 704 DOM
3. 2026-06-16
   days on market $109,900 Active 703 DOM
4. 2026-06-15
   days on market $109,900 Active 702 DOM
5. 2026-06-13
   days on market $109,900 Active 700 DOM
6. 2026-06-10
   days on market $109,900 Active 696 DOM
7. 2026-06-07
   days on market $109,900 Active 694 DOM
8. 2026-06-04
   days on market $109,900 Active 691 DOM
9. 2026-06-03
   days on market $109,900 Active 690 DOM
10. 2026-06-02
    days on market $109,900 Active 689 DOM
11. 2026-06-02
    days on market $109,900 Active 688 DOM
12. 2026-05-31
    days on market $109,900 Active 687 DOM
13. 2026-04-24
    status Active
14. 2026-01-16
    historical Active Under Contract
15. 2026-01-03
    price $109,900
16. 2025-10-24
    price $119,900
17. 2025-09-24
    status Active
18. 2025-09-24
    price $129,900
19. 2025-03-22
    historical Active Under Contract
20. 2025-01-09
    price $139,900
21. 2025-01-01
    status Active
22. 2024-08-16
    price $145,900
23. 2024-06-14
    status Active
24. 2024-05-30
    historical Active Under Contract
25. 2024-04-05
    price $154,900
26. 2024-03-03
    listed $159,900 Active
27. 2023-11-14
    status Active
28. 2023-11-14
    price $160,000
29. 2023-09-13
    listed $173,500 Active
30. 2023-09-06
    historical
31. 2014-02-12
    price $55,000
32. 2013-12-27
    price $59,000
33. 1989-08-01
    soldstatus $40,500

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

Tax reassessment forecast NC · Resets to sale price

• Current annual tax: $1,053 · $88/mo
• Projected year-2 tax: $1,053 · $88/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

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: $17,824
• − Mortgage interest: −$6,156
• − Property taxes: −$1,053
• − Insurance: −$550
• − Repairs & maintenance: −$1,426
• − Management: −$1,426
• − HOA: −$3,768
• − Depreciation: −$3,197
• Taxable income: $248
• Est. tax owed @ 24.0%: −$60
• After-tax cash flow: $1,735/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

+171.4% since first listed

21 events — show timeline

• 2026-04-24 Relisted — CANOPYMLS as Distributed by MLS Grid
• 2026-01-16 Contingent — CANOPYMLS as Distributed by MLS Grid
• 2026-01-03 Price Changed $109,900 CANOPYMLS as Distributed by MLS Grid
• 2025-10-24 Price Changed $119,900 CANOPYMLS as Distributed by MLS Grid
• 2025-09-24 Relisted — CANOPYMLS as Distributed by MLS Grid
• 2025-09-24 Price Changed $129,900 CANOPYMLS as Distributed by MLS Grid
• 2025-03-22 Contingent — CANOPYMLS as Distributed by MLS Grid
• 2025-01-09 Price Changed $139,900 CANOPYMLS as Distributed by MLS Grid
• 2025-01-01 Relisted — CANOPYMLS as Distributed by MLS Grid
• 2024-08-16 Price Changed $145,900 CANOPYMLS as Distributed by MLS Grid
• 2024-06-14 Relisted — CANOPYMLS as Distributed by MLS Grid
• 2024-05-30 Contingent — CANOPYMLS as Distributed by MLS Grid
• 2024-04-05 Price Changed $154,900 CANOPYMLS as Distributed by MLS Grid
• 2024-03-03 Listed $159,900 CANOPYMLS as Distributed by MLS Grid
• 2023-11-14 Relisted — CANOPYMLS as Distributed by MLS Grid
• 2023-11-14 Price Changed $160,000 CANOPYMLS as Distributed by MLS Grid
• 2023-09-13 Listed $173,500 CANOPYMLS as Distributed by MLS Grid
• 2023-09-06 Coming Soon — CANOPYMLS as Distributed by MLS Grid
• 2014-02-12 Price Changed $55,000 CANOPYMLS as Distributed by MLS Grid
• 2013-12-27 Price Changed $59,000 CANOPYMLS as Distributed by MLS Grid
• 1989-08-01 Sold (Public Records) $40,500 Public Records

Property tax history

+2.3%/yr

Latest (2025): $1,053 · +2.1% YoY. Source: county tax records.