4609 Coronado Dr Unit N

Charlotte, NC 28212

$169,900D-

2 bd · 2.0 ba · 1,072 sqft · Built 1969 · Condo · Active · 142 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,492/mo
• Mortgage (P&I): −$891
• Tax + insurance: −$283
• HOA: −$355
• Vac / Maint / Mgmt: −$313
• Net cashflow: $-350/mo
• Annual: $-4,204/yr
• Cap rate: 3.82%
• Cash-on-cash: -8.84%
• DSCR: 0.61
• 1% rule: 0.88%
• Cash to close: $47,572

Investor read

• This is a 2-bed/2.0-bath condo listed at $170k. Condition is rated good.
• At list price, monthly cash flow is $-350 ($-4k/yr) — negative.
• To cash-flow at today's rent, offer at most $119k (29.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $149k (12.2% below list).
• It's been on market 142 days — a 12% lower offer ($150k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $119k (29.8% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k 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: Idlewild Elementary (math 36% / reading 40%, grade F, #759 of 1,410 statewide, top 54%, 926 students, 100% FRL); Mcclintock Middle (math 31% / reading 31%, grade F, #326 of 475 statewide, top 69%, 1,079 students, 99% FRL); East Mecklenburg High School (math 59% / reading 70%, grade B-, #164 of 535 statewide, top 32%, 2,409 students, 42% FRL) — zoned schools average 80% FRL vs 49% district-wide (31 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: HOA is 24% of rent.
• Market conditions: Rents falling (-3.0%/yr); 224 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals lingering (median 41d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 62% of comp listings sitting > 30 days — soft ceiling on asking rent; 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.
• 4 sale attempts since 4y 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.
• 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.
• Cap rate 3.8% vs local median 3.2% in Charlotte — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.
• This rent runs 34% of the median local income ($53k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

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?
• It's been on market 142 days. Have you received any prior offers? Is the seller open to a 30% concession, seller financing, or rate buy-down credit?
• Built in 1969 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• 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?

Repairs flagged (vision-AI assessment)

• Minor: kitchen cabinets — Aesthetic update needed
• Minor: bathroom fixtures — Update to modernize space