3937 Mohawk Ct · Charlotte, NC 28215

$189,900

2 bd · 1.0 ba · 931 sqft · Condo public records · 68 Days on market

Built 2001 $168/mo HOA · 10% of rent

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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 +11.4/30.0
• ARV discount +7.5/15.0
• Livability +3.9/5.0
• Schools +3.8/10.0
• 1% rule +3.6/10.0
• DSCR +3.3/10.0
• Rent growth +2.9/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

This Charlotte home has one story. This home has been virtually staged to illustrate its potential.

Key facts

• Clubhouse
• Community pool
• Covered patio

Tags

• THIRD-FLOOR CONDO
• STAINLESS STEEL APPLIANCES
• COVERED PATIO
• COMMUNITY POOL
• CLUBHOUSE

Property features AI

Finance

• HOA & community: HOA managed by Red Rock Management; Mandatory HOA dues; Monthly HOA fee of $168.55; Community clubhouse; Outdoor pool

Exterior

• Parking: Assigned parking
• Utilities: City water; Public sewer
• Home design: Residential condominium; Site-built construction; Vinyl exterior; One story
• Construction: Vinyl siding; Shallow slab foundation
• Exterior features: Covered front porch; Concrete road access; Publicly maintained road

Interior

• Kitchen: Dishwasher; Electric oven; Self-cleaning oven; Exhaust fan / hood; Refrigerator
• Bedrooms: 2 bedrooms on the main level
• Flooring: Laminate; Slab foundation
• Bathrooms: 1 full bathroom on the main level
• Heating & cooling: Electric forced-air heating; Central air conditioning
• Interior features: 7 total rooms; Entry level: 3
• Laundry & utility: Washer; Dryer; Laundry area in kitchen

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $190k.

Deal economics

• At list price, monthly cash flow is $-66 ($-792/yr) — negative.
• To cash-flow at today's rent, offer at most $178k (6.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $164k (13.7% below list).
• Recommended offer: $164k (13.7% below list) — sets the bar for 1% rule.
• 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: 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: Briarwood Academy (math 28% / reading 22%, grade F, #1,101 of 1,410 statewide, top 79%, 655 students, 99% FRL); Garinger High School (math 47% / reading 25%, grade F, #424 of 535 statewide, top 79%, 1,677 students, 100% FRL) — zoned schools average 100% FRL vs 49% district-wide (51 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 30% at this address vs 44% district-wide (-14 pts) — the specific schools serving this property underperform the Charlotte-Mecklenburg Schools average; the district grade overstates school quality for this exact location.
• Market conditions: Rents rising (+1.8%/yr); 562 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 18d on market — plan ~3-4 weeks tenant-placement turnaround); 11,969 units permitted in Mecklenburg County in 2024 (5,377 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k 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 68 days — a 6% lower offer ($179k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 9y ago; this cycle's ask has dropped $10k (5%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $139k; 37% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• 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 $163,858 (13.7% 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 68 days. Have you received any prior offers? Is the seller open to a 14% 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: 0.86% ✗
• Cap rate: 5.88%
• Cash-on-cash: -1.49%
• DSCR: 0.93
• GRM: 9.7

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 1.76% rent growth · sell at horizon

5-year hold

• IRR: -20.2%
• Equity multiple: 0.31×
• Total profit: $-36,940
• Equity at exit: $28,315

10-year hold

• IRR: -16.2%
• Equity multiple: 0.15×
• Total profit: $-45,440
• Equity at exit: $16,419

Cash invested: $53,172 (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 28215

• Rents YoY: 1.8%
• Active inventory: 562
• Price-to-rent: 9.7×

Monthly cashflow live

• Estimated rent: $1,639 high
• Mortgage (P&I): −$996
• Tax from tax record: −$117 /mo · $1,410/yr
• Insurance: −$79
• HOA: −$168
• Vacancy / Maint / Mgmt: −$344
• Net cashflow: $-66

Break-even live

Break-even rent $1,722

Max offer price $178,244

Occupancy floor 99%

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: $47,475
• Closing costs: $5,697
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4413 Eaves Ln Charlotte, NC	2.0	2.5	1084	$1,650	$1.52	16d	1	0.09mi
731 Harwyn Dr Charlotte, NC	3.0	1.0	1066	$1,575	$1.48	24d	1	0.15mi
1913 Finchley Dr Charlotte, NC	3.0	1.0	958	$1,590	$1.66	16d	1	0.17mi
5005 Community Cir Charlotte, NC	1.0–3.0	1.0–2.0	915	$1,552	$1.70	5d	33	0.26mi
5005 Community Cir Charlotte, NC	1.0–3.0	1.0–2.0	915	$1,602	$1.75	24d	18	0.26mi
638 Vanderbrook Rd Charlotte, NC	3.0	1.0	1092	$1,775	$1.63	16d	1	0.28mi
1131 Glenfiddich Dr Charlotte, NC	1.0	1.0	650	$1,095	$1.68	7d	1	0.48mi
4928 Malibu Dr Charlotte, NC	2.0	1.0	975	$1,475	$1.51	20d	1	0.48mi
1930 Terrybrook Ln #1 Charlotte, NC	3.0	1.0	825	$1,495	$1.81	24d	1	0.54mi
4239 Dinglewood Ave Charlotte, NC	3.0	1.0	900	$1,850	$2.06	24d	1	0.60mi
5001 Lakecrest Dr Charlotte, NC	2.0	1.0	1000	$1,600	$1.60	16d	1	0.65mi
4207 Dinglewood Ave Charlotte, NC	3.0	1.0	950	$1,349	$1.42	16d	1	0.65mi
5003 Lakecrest Dr Charlotte, NC	2.0	1.0	1000	$1,600	$1.60	16d	1	0.65mi
1827 Academy St Charlotte, NC	2.0	1.0	700	$1,395	$1.99	24d	1	0.71mi
1825 Academy St Charlotte, NC	2.0	1.0	700	$1,350	$1.93	24d	1	0.71mi
3217 Shamrock Dr Charlotte, NC	1.0	1.0	668	$1,059	$1.59	24d	1	0.74mi
3217 Shamrock Dr Charlotte, NC	2.0	2.0	1024	$1,390	$1.36	22d	1	0.74mi
1735 Academy St Charlotte, NC	2.0	1.0	747	$1,299	$1.74	5d	1	0.75mi
3520 Byrnes St Charlotte, NC	3.0	2.5	1056	$1,649	$1.56	7d	1	0.91mi
4325 Raleigh St Charlotte, NC	1.0–2.0	1.0–2.0	1005	$1,920	$1.91	4d	25	0.95mi
3315 Erskine Dr Charlotte, NC	2.0	1.0	775	$1,700	$2.19	20d	1	0.99mi
1905 Eastway Dr Charlotte, NC	1.0–3.0	1.5	1113	$1,490	$1.34	24d	1	0.99mi
1320 Anderson St Charlotte, NC	2.0	1.0	756	$1,895	$2.51	24d	1	1.05mi
2019 Aberdale Farm Ln Charlotte, NC	2.0–4.0	2.0	1119	$1,250	$1.12	5d	1	1.11mi
3108 Erskine Dr Charlotte, NC	2.0	1.0	852	$1,425	$1.67	17d	1	1.12mi
3829 Stonehaven Dr Charlotte, NC	3.0	1.5	1081	$1,850	$1.71	16d	1	1.13mi
2900 Edsel Pl Charlotte, NC	3.0	1.0	1056	$1,700	$1.61	16d	1	1.16mi
2900 Edsel Pl Charlotte, NC	3.0	1.0	1000	$1,700	$1.70	5d	1	1.16mi
3317 Magnolia Hill Dr Charlotte, NC	1.0–2.0	1.0–2.0	872	$1,355	$1.55	24d	1	1.17mi
411 Lambeth Dr Charlotte, NC	1.0–3.0	1.0–1.5	826	$1,350	$1.63	13d	1	1.22mi
3932 Slagle Dr Charlotte, NC	3.0	2.0	1015	$1,800	$1.77	24d	1	1.23mi
2205 Kilborne Dr Charlotte, NC	1.0	1.0	634	$1,050	$1.66	24d	1	1.25mi
1401 Downs Ave Unit C Charlotte, NC	1.0	1.0	540	$1,075	$1.99	14d	1	1.25mi
1240 Merrick St Charlotte, NC	2.0–4.0	2.0	1204	$1,250	$1.04	24d	1	1.27mi
2219 Kilborne Dr Unit D Charlotte, NC	1.0	1.0	634	$1,050	$1.66	5d	1	1.27mi
3630 N Davidson St #3313 Charlotte, NC	1.0	1.0	967	$2,150	$2.22	12d	1	1.28mi
629 Raphael Pl Charlotte, NC	2.0	2.0	1065	$1,750	$1.64	24d	1	1.28mi
547 Donatello Ave Charlotte, NC	1.0	1.0	931	$950	$1.02	24d	1	1.35mi
2232 Falmouth Rd Charlotte, NC	3.0	1.0	975	$1,600	$1.64	14d	1	1.38mi
3537 Warp St Charlotte, NC	2.0	2.0	1070	$1,800	$1.68	24d	1	1.38mi

HOA detail condo

• Monthly dues: $168 · $2,016/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 30 events

1. 2026-06-18
   days on market $189,900 Active 68 DOM
2. 2026-06-17
   days on market $189,900 Active 67 DOM
3. 2026-06-16
   days on market $189,900 Active 66 DOM
4. 2026-06-15
   days on market $189,900 Active 65 DOM
5. 2026-06-13
   days on market $189,900 Active 63 DOM
6. 2026-06-10
   days on market $189,900 Active 59 DOM
7. 2026-06-08
   days on market $189,900 Active 58 DOM
8. 2026-06-07
   days on market $189,900 Active 57 DOM
9. 2026-06-04
   days on market $189,900 Active 54 DOM
10. 2026-06-03
    days on market $189,900 Active 53 DOM
11. 2026-06-02
    days on market $189,900 Active 52 DOM
12. 2026-06-02
    days on market $189,900 Active 51 DOM
13. 2026-05-31
    days on market $189,900 Active 50 DOM
14. 2026-04-22
    price $189,900
15. 2026-04-11
    listed $199,900 Active
16. 2021-08-10
    soldstatus $139,000 Closed 99-char remark

    Show marketing remark (99 chars)

    This Charlotte home has one story. This home has been virtually staged to illustrate its potential.

17. 2021-08-10
    soldstatus $139,000

    Show marketing remark (99 chars)

    This Charlotte home has one story. This home has been virtually staged to illustrate its potential.

18. 2021-07-05
    status Pending 99-char remark

    Show marketing remark (99 chars)

    This Charlotte home has one story. This home has been virtually staged to illustrate its potential.

19. 2021-06-29
    status Active 99-char remark

    Show marketing remark (99 chars)

    This Charlotte home has one story. This home has been virtually staged to illustrate its potential.

20. 2021-06-22
    status Pending 99-char remark

    Show marketing remark (99 chars)

    This Charlotte home has one story. This home has been virtually staged to illustrate its potential.

21. 2021-06-19
    status Active 99-char remark

    Show marketing remark (99 chars)

    This Charlotte home has one story. This home has been virtually staged to illustrate its potential.

22. 2021-06-17
    status Pending 99-char remark

    Show marketing remark (99 chars)

    This Charlotte home has one story. This home has been virtually staged to illustrate its potential.

23. 2021-06-14
    listed $142,000 Active 99-char remark

    Show marketing remark (99 chars)

    This Charlotte home has one story. This home has been virtually staged to illustrate its potential.

24. 2021-05-19
    soldstatus $117,500
25. 2018-02-01
    soldstatus $60,000
26. 2018-01-31
    soldstatus $60,000 Closed 381-char remark

    Show marketing remark (381 chars)

    Picture yourself sunning by the pool-side this summer! There's plenty of room with an open floor-plan, 2 bedrooms and the extra storage closet located on the balcony. The balcony is covered for year-round enjoyment! This property is close to shopping, bus-lines, UNCC and downtown Charlotte! Unit sold as-is! Closing needs to take place at Shepard Law in Charlotte due to estate.

27. 2017-12-22
    historical Under Contract - Show 381-char remark

    Show marketing remark (381 chars)

    Picture yourself sunning by the pool-side this summer! There's plenty of room with an open floor-plan, 2 bedrooms and the extra storage closet located on the balcony. The balcony is covered for year-round enjoyment! This property is close to shopping, bus-lines, UNCC and downtown Charlotte! Unit sold as-is! Closing needs to take place at Shepard Law in Charlotte due to estate.

28. 2017-12-19
    price $60,000 381-char remark

    Show marketing remark (381 chars)

    Picture yourself sunning by the pool-side this summer! There's plenty of room with an open floor-plan, 2 bedrooms and the extra storage closet located on the balcony. The balcony is covered for year-round enjoyment! This property is close to shopping, bus-lines, UNCC and downtown Charlotte! Unit sold as-is! Closing needs to take place at Shepard Law in Charlotte due to estate.

29. 2017-10-15
    listed $85,000 Active 381-char remark

    Show marketing remark (381 chars)

    Picture yourself sunning by the pool-side this summer! There's plenty of room with an open floor-plan, 2 bedrooms and the extra storage closet located on the balcony. The balcony is covered for year-round enjoyment! This property is close to shopping, bus-lines, UNCC and downtown Charlotte! Unit sold as-is! Closing needs to take place at Shepard Law in Charlotte due to estate.

30. 2007-02-12
    soldstatus $68,000

ⓘ 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: $1,410 · $117/mo
• Projected year-2 tax: $1,557 · $130/mo
• Expected delta: +$147/yr (+$12/mo · 10.5%)

ⓘ 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: $19,663
• − Mortgage interest: −$10,637
• − Property taxes: −$1,410
• − Insurance: −$950
• − Repairs & maintenance: −$1,573
• − Management: −$1,573
• − HOA: −$2,016
• − Depreciation: −$5,524
• Taxable loss: −$4,020
• Est. tax savings @ 24.0%: +$965
• After-tax cash flow: $173/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): 66,674
• Household income: $71,162
• Rent vs Own: 32.8% rent · 67.2% own
• Severe rent burden: 1952.0

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: Diverse neighborhood (Simpson 0.66)
• Race & ethnicity: Black 50% Hispanic / Latino 23% White 21% Two or more races 7% Asian 3%
• Hispanic origin (detail): Mexican 8% Puerto Rican 1% Dominican 1%
• Common ancestry: Slovak 1% Serbian 1% Romanian 1%
• Foreign-born: 19% · Canada, Vietnam
• Languages at home: 73% English-only · Spanish 19% French/Haitian/Cajun 2% Other Asian/Pacific 2%

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: ▼ -201.15%
• Current HPI: 286.5413
• Rent YoY: ▲ 1.76%
• 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

+179.3% since first listed

17 events — show timeline

• 2026-04-22 Price Changed $189,900 CANOPYMLS as Distributed by MLS Grid
• 2026-04-11 Listed $199,900 CANOPYMLS as Distributed by MLS Grid
• 2021-08-10 Sold (Public Records) $139,000 Public Records
• 2021-08-10 Sold (MLS) $139,000 CANOPYMLS as Distributed by MLS Grid
• 2021-07-05 Pending — CANOPYMLS as Distributed by MLS Grid
• 2021-06-29 Relisted — CANOPYMLS as Distributed by MLS Grid
• 2021-06-22 Pending — CANOPYMLS as Distributed by MLS Grid
• 2021-06-19 Relisted — CANOPYMLS as Distributed by MLS Grid
• 2021-06-17 Pending — CANOPYMLS as Distributed by MLS Grid
• 2021-06-14 Listed $142,000 CANOPYMLS as Distributed by MLS Grid
• 2021-05-19 Sold (Public Records) $117,500 Public Records
• 2018-02-01 Sold (Public Records) $60,000 Public Records
• 2018-01-31 Sold (MLS) $60,000 CANOPYMLS as Distributed by MLS Grid
• 2017-12-22 Contingent — CANOPYMLS as Distributed by MLS Grid
• 2017-12-19 Price Changed $60,000 CANOPYMLS as Distributed by MLS Grid
• 2017-10-15 Listed $85,000 CANOPYMLS as Distributed by MLS Grid
• 2007-02-12 Sold (Public Records) $68,000 Public Records

Property tax history

+4.7%/yr

Latest (2025): $1,410 · +63.4% YoY. Source: county tax records.