Charlotte ain’t Atlanta. Stop playing like it is

🗞️ Hello neighbors,

Last week, I met a newbie investor at a coffee shop in NoDa. He said he bought a fixer-upper in Belmont to rent out on Airbnb without running comps.

That’s a trifecta of bold and broke.

Charlotte’s heating up, but that doesn’t mean every deal’s a slam dunk. This week’s edition is your reminder: Do your homework, watch the zoning signs, and keep your ears close to the street.

THE PLAYBOOK

How to Run Comps in Under 5 Minutes (Even if You’re New)

Forget analysis paralysis. Here’s how I comp deals fast — no fancy tools, no fluff.

1. Zillow + Street Smarts = Speed
Search the property on Zillow → Scroll to “Price/Tax History” + “Nearby Similar Homes Sold”
→ Filter for a 0.5–1 mile radius.
→ Last 6 months.
→ Similar bed/bath count.
→ Same property type (don’t mix townhomes with single-family).

2. Use Redfin for Backup
Plug the address into Redfin.
→ Scroll to the “Nearby Homes” section.
→ Look for 3–5 recently sold comps.
→ Look at price per square foot — quick snapshot value.

3. Look for Twins, Not Cousins
Comps should look like your subject property:
→ Same size range (±20%).
→ Similar neighborhood vibe (don’t cross major roads like Independence or 77).
→ Built in the same decade? Even better.

4. Quick Math
Take the average price per sq ft of your best 3 comps.
→ Multiply by your property’s sq ft.
→ Boom — ballpark ARV (after-repair value).

DEAL RADAR

📍 1655 N Webb St, Gastonia, NC 28052
Listed at $1,040,000 | 5,3541 sqft | 16 Bed, 8 Bath

Why It’s a Great Deal

• 8 total units = strong rent roll potential with value-add upside.

• All-electric simplifies billing and tenant responsibility — no gas to maintain.

• Wall-unit HVAC systems are low-cost to replace vs central systems.

• Brick construction on slab = solid, durable structure with low long-term maintenance needs.

• Located near major highways, attracts blue-collar renters and working professionals.

• Gastonia is experiencing steady growth and spillover demand from Charlotte investors.

The Breakdown

• Estimated Rent Per Unit: $900 - $1,200/month.

• Rehab: Light (if needed). $5K–$7K per unit x 8 = $40K–$56K.

• After Repair Value (ARV): $1.15M–$1.2M post-renovation.

• Estimated Cap Rate: 6.0%. With rent increases post-renovation, potential to hit 6.5–7.2% cap.

• Investor Outlook: Long-term cash flow and upside through light renovations and strategic rent bumps.

📍 1034 Charles Ave, Charlotte, NC 28205
Listed at $525,000 | 1,514 sqft | 4 Bed, 2 Bath

Why It’s a Great Deal

• Prime NoDa location — walkable, vibrant, and high-demand for both renters and short-term guests.

• Fully updated major systems (HVAC, roof, etc.) reduce capital expenditures for years.

• Privacy & natural setting under mature oaks — rare for an urban duplex.

• Rental flexibility — rent both units, live in one, or use as Airbnb.

• Furnished unit included adds immediate value and rentability.

• At $525K, it’s a competitive price for a fully updated NoDa duplex.

The Breakdown

• Estimated Rent Per Unit: $1,850 - $2,200/month.

• Rehab: No rehab needed. All major updates recently completed.

• After Repair Value (ARV): $550,000 - $575,000, depending on whether furnished and staged.

• Estimated Cap Rate: 6.4%. Cap rate could be even stronger with Airbnb or furnished mid-term rentals.

• Investor Outlook: Flexible play for investors who want a foothold in Charlotte’s most creative neighborhood.

ROOKIE MISTAKE

Assuming Any Charlotte Neighborhood is Airbnb Friendly

Airbnb’s not a plug-and-play game in every neighborhood in Queen City. Here’s why that thinking will cost you:

1. Zoning Ain’t Optional
Charlotte’s short-term rental rules are zoning-based, not just neighborhood-based.
→ STRs are allowed in some residential zones only if it’s your primary residence.
→ Others require permits, inspections, and occupancy limits.
→ If you buy in the wrong zone, you might be stuck with a long-term rental play instead.

2. Not All Areas Welcome You
Neighborhood vibe matters just as much as legality.
→ NoDa, Wilmore, Plaza Midwood → Popular & tolerated.
→ Ballantyne, Steele Creek, Highland Creek → HOA nightmares, city pushback.
→ Just because it’s close to Uptown doesn’t mean it’s short-term friendly.

3. You Need More Than Just a Cool Property
You’ll need:
→ STR Registration with the city.
→ Proof it’s your primary (in some zones).
→ Safety checklist (smoke alarms, fire exits, etc.).
→ To renew annually.

Quick Check Tool
Use the City of Charlotte Property Zoning Lookup Tool → Search the address.
Still unsure? Email: [email protected]

Buying a property assuming it’ll Airbnb like Atlanta or Miami is how people get burned. Charlotte plays by its own rules. Know the zone. Know the vibe. Don’t assume.

MARKET WHISPERER

Why Developers Are Flocking to Belmont And What It Means for Home Prices

Blink too long and Belmont changes. What used to be a quiet, overlooked pocket just east of Uptown is now turning into a developer’s playground.

Here’s what’s going down:

1. It’s the Infill Capital Right Now
Developers are buying up older homes, bulldozing them, and sliding in high-margin townhomes.
→ Duplexes, triplexes, skinny builds — all the rage.
→ Smaller lots = more units = higher returns.
→ City’s UDO (Unified Development Ordinance) makes this easier than ever.

2. Location Sells Itself (Even If It’s Still Rough Around the Edges)
Belmont sits in a sweet spot:
• 5 minutes to Uptown.
• Walkable to Optimist Hall + Greenway.
• Access to major arteries (77, 277, and the Light Rail).
And it's still affordable compared to neighboring Villa Heights or Plaza Midwood.

3. Home Prices Are Riding the Wave
The data’s loud:
→ Older homes = $250K–$350K range.
→ New builds = $550K–$700K.
→ Equity play: buy and wait, or buy and build.
Flips are happening, but buyers expect luxury finishes — no half-steppin’ in Belmont.

What This Means for You:
→ Buy & Hold: Rent demand is rising, especially for modern units.
→ Flip Strategy: Make it pop, buyers will pay top dollar for well-designed homes.
→ Wholesale Play: Your advantage is speed, distressed homes go fast here.
→ Land Banking: Think long, empty or underused lots here are gold in 2–3 years.

Belmont’s not just up and coming, it’s already mid-transition. The window’s still open, but it’s not staying that way for long.

Until next week,

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