6120 Meadow Rose Ln

Charlotte, NC 28215

$125,000D

2 bd · 2.0 ba · 846 sqft · Built 1985 · Condo · Active · 81 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,396/mo
• Mortgage (P&I): −$656
• Tax + insurance: −$139
• HOA: −$298
• Vac / Maint / Mgmt: −$293
• Net cashflow: $10/mo
• Annual: $125/yr
• Cap rate: 6.39%
• Cash-on-cash: 0.36%
• DSCR: 1.02
• 1% rule: 1.12%
• Cash to close: $35,000

Investor read

• This is a 2-bed/2.0-bath condo listed at $125k.
• At list price, monthly cash flow is $10 ($125/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $125k).
• It's been on market 81 days — a 6% lower offer ($118k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $118k (6.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $864 of loan paydown is wiped out by about $4k 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: Joseph W Grier Academy (math 21% / reading 33%, grade F, #1,033 of 1,410 statewide, top 76%, 691 students, 100% FRL); Northridge Middle (math 23% / reading 35%, grade F, #350 of 475 statewide, top 74%, 1,088 students, 58% FRL); Rocky River High School (math 31% / reading 35%, grade F, #438 of 535 statewide, top 82%, 1,643 students, 52% FRL) — zoned schools average 70% FRL vs 49% district-wide (21 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.
• Watch-outs: HOA is 21% of rent.
• Market conditions: Rents rising (+1.8%/yr); 566 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).
• Mecklenburg County population projected at +53% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 4 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.
• 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 6.4% 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.

Questions for listing agent

• It's been on market 81 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• 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?
• 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?