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1106 Oakwood Avenue Kannapolis, NC 28081

3 Beds 2 Baths 1,647 sqft Built 1940

$240,000

List Price

$1,480

$1.3K - $1.6K

Rent Est.

PROPERTY INFO

January 22, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1940
  • Price/Sqft : $145.72
  • 6 Days on Market
  • MLS # : 3699409
  • Updated Date : 01/22/2021 at 00:05
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,647 sqft
  • Baths : 2 full
Listing Agent

Lantern Realty & Development Llc

Listing Agent's Description

Fall in love with this all brick home on corner lot in desirable Shadybrook area of Kannapolis. This well-cared for home offers 3 bedrooms, master located on main level with secondary bedrooms upstairs. The cozy living room has original hardwood floors and gas log fireplace. Directly off the living room, through french doors, you will find an office with built-in bookcase and shelving. The kitchen and dining room are located off the living room, as well as the master bed and bath. Upstairs you will find the secondary bedrooms and bath as well as storage. In the backyard is a 2-car carport and storage shed with electricity. This home will surely impress you!

SEE MORE

MARKET HIGHLIGHTS

  • Corporate Fortune 500 headquarters: Bank of America, Lowe’s, Duke Energy, Nucor, Family Dollar Stores, Sonic Automotive, Domtar
  • #3 fastest-growing big city in US with more than 15,000 people added in 2017 (US Census, 2018)
  • Charlotte metro has 65.8% labor force participation rate higher than the national rate 62.8% (USMayors.org, 2018)
  • Charlotte attracted more than $325 million in capital investments in 2018Q2 (Meckelenburg county, June 2018)
  • Charlotte metro's economy is worth $181 billion in Gross Metro Product and projected to grow to $192 billion in 2019 (USMayors.org, 2018)
  • #1 Millenial Moving destination city (Smart Asset)

PRICE & RENT TRENDS

Neighborhood: Midway West

NeighborhoodNIR Market*CityMarket2010Year2000201970k80k90k100k110k120k130k140k150k160k170k180k190k200k210kPrice in $69k213k

* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR

Neighborhood: Midway West

NeighborhoodNIR Market*CityMarket2010Year20002019 Q27008009001000110012001300Rent in $6251375

* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR

SCHOOLS

NAME EDUCATIONAL LEVEL SCHOOL TYPE # OF STUDENTS # OF TEACHERS GREATSCHOOLS RATING
Shady Brook Elementary School Primary Regular 418 28 6
Al. Brown High School High Regular 1,475 100 2

Shady Brook Elementary School

  • Education Level: Primary
  • # of students: 418
  • # of teachers: 28
6
GreatSchools Rating

Al. Brown High School

  • Education Level: High
  • # of students: 1,475
  • # of teachers: 100
2
GreatSchools Rating
 

$216,000$264,000$240,000

PURCHASE PRICE

$1,332$1,628$1,480

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,480
EXPENSES Loan Payment -$834
Property Tax -$204
Property Insurance -$58
Property Management Fees -$119
CASH FLOW
$265

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 14% of earned rent to cover both maintenance and periods of vacancy.

$240,000

PROJECTED PRICE

$1,480

PROJECTED RENT

0.62%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.94%
Appreciation Year (1-5) 5.7%
Maintenance Year (1-5) 8.00%
Vacancy 6.02%
Length of Stay Years 2

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$200k$400k$600k$800k

PROJECTED ANNUAL CASH FLOW

11530$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k$14k$16k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$100k$200k$300k$400k$500k$600k$700k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$69,350

INVESTMENT

$69,350

Down Payment
$60,000
Rehab Estimate
$5,750
Closing Costs
$3,600

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 30% down payment or higher enables the proceeds from the asset to cover all costs.

$834

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $60,000
Loan Amount $180,000
See What Happens When You Reinvest Cash Flow

10.83

YEARS SAVED

$39,314

INTEREST SAVED

CASH FLOW REINVESTMENT

The time & interest saved by applying each month's positive cash flow towards loan principal pay down.

  • $1,480

    LIST RENT
  • $0.9

    LIST RENT PER SQFT
  • $1,474

    COMP ESTIMATED VALUE
  • $0.9

    COMP AVG. RENT PER SQFT
Comps Range
$1,300
1$1,3002$1,3953$1,3954$1,4755$1,480
$1,480
RENT COMPS ANALYSIS
  • 1106 Oakwood Avenue Kannapolis, NC 5
    • 3 beds 2 baths ∙ 1,647 Sqft ∙ Built 1940 3 beds 2 baths ∙ 1,647 Sqft ∙ Built 1940
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,480
    • $0.90
    •  
  • 607 Bethpage Road Kannapolis, NC 1
    • 3 beds 2 baths ∙ 1,473 Sqft ∙ Built 1932 3 beds 2 baths ∙ 1,473 Sqft ∙ Built 1932
    property image
    LEASED 05/19/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,300
    • $0.88
    •  
  • 916 Victoria Avenue Kannapolis, NC 2
    • 3 beds 2 baths ∙ 1,560 Sqft ∙ Built 3 beds 2 baths ∙ 1,560 Sqft ∙ Built
    property image
    LEASED 05/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,395
    • $0.89
    •  
  • 1445 Matthew Allen Circle Kannapolis, NC 3
    • 3 beds 3 baths ∙ 1,496 Sqft ∙ Built 2004 3 beds 3 baths ∙ 1,496 Sqft ∙ Built 2004
    property image
    LEASED 09/11/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,395
    • $0.93
    •  
  • 918 Victoria Avenue Kannapolis, NC 4
    • 3 beds 3 baths ∙ 1,670 Sqft ∙ Built 3 beds 3 baths ∙ 1,670 Sqft ∙ Built
    property image
    LEASED 05/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,475
    • $0.88
    •  
PROPERTY LISTING DETAILS
Deana Petty
1.704.258.8068
Lantern Realty & Development Llc
BESbswy