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1112 Grove Street Kannapolis, NC 28083

3 Beds 2 Baths 1,554 sqft Built 1953

$225,000

List Price

$1,500

$1.4K - $1.7K

Rent Est.

PROPERTY INFO

February 12, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1953
  • Price/Sqft : $144.79
  • 3 Days on Market
  • MLS # : 3707051
  • Updated Date : 02/13/2021 at 12:30
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,554 sqft
  • Baths : 1 full , 1 half
Listing Agent

Austin-barnett Realty Llc

Listing Agent's Description

Beautifully maintained three bedroom ranch in nice quiet neighborhood that has access to all that Kannapolis has to offer! New vinyl plank flooring throughout house. New cabinets and butcher block countertops in kitchen with large farmhouse sink and stainless steel range vent hood. The full bath has new beautifully tiled walls and heated tiled floor. Original knotty pine paneling in the hallway outside full bath and bedrooms 2 & 3! The oversized laundry room has wet sink and plenty of storage. Master Bedroom boasts one entire wall of dark wood closet/storage system in addition to a gas log fireplace with antique mantel. Living room also has gas log fireplace with antique mantel! Now, to the outside...the double lots which total over one half acre(.53 acre)has a multitude of mature trees, shrubs and plantings which is very spacious and park-like. Large concrete patio off rear of home offers a brick fire pit and fish pond to enjoy!

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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

Zip Code: 28083

ZipNIR Market*CityMarket2010Year2000201970k80k90k100k110k120k130k140k150k160k170k180k190k200k210kPrice in $67k213k

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

Zip Code: 28083

ZipNIR Market*CityMarket2010Year20002019 Q26007008009001000110012001300Rent in $5921375

* 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
Royal Oaks Elementary School Primary Regular 320 20 2
Concord Middle School Middle Regular 922 62 2
Concord High School High Regular 1,252 79 3

Royal Oaks Elementary School

  • Education Level: Primary
  • # of students: 320
  • # of teachers: 20
2
GreatSchools Rating

Concord Middle School

  • Education Level: Middle
  • # of students: 922
  • # of teachers: 62
2
GreatSchools Rating

Concord High School

  • Education Level: High
  • # of students: 1,252
  • # of teachers: 79
3
GreatSchools Rating
 

$202,500$247,500$225,000

PURCHASE PRICE

$1,350$1,650$1,500

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,500
EXPENSES Loan Payment -$782
Property Tax -$191
Property Insurance -$56
Property Management Fees -$119
CASH FLOW
$352

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.

$225,000

PROJECTED PRICE

$1,500

PROJECTED RENT

0.67%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.94%
Appreciation Year (1-5) 7.8%
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$1.0M

PROJECTED ANNUAL CASH FLOW

11530$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k$14k$16k$18k

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$65,375

INVESTMENT

$65,375

Down Payment
$56,250
Rehab Estimate
$5,750
Closing Costs
$3,375

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 20% down payment or higher enables the proceeds from the asset to cover all costs.

$782

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $56,250
Loan Amount $168,750
See What Happens When You Reinvest Cash Flow

12.67

YEARS SAVED

$45,962

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,500

    LIST RENT
  • $0.97

    LIST RENT PER SQFT
  • $1,515

    COMP ESTIMATED VALUE
  • $0.98

    COMP AVG. RENT PER SQFT
Comps Range
$1,250
1$1,2502$1,2753$1,2994$1,5005$2,000
$2,000
RENT COMPS ANALYSIS
  • 1112 Grove Street Kannapolis, NC 4
    • 3 beds 2 baths ∙ 1,554 Sqft ∙ Built 1953 3 beds 2 baths ∙ 1,554 Sqft ∙ Built 1953
    • Rent
    • Rent Per SQFT
    •  
    • $1,500
    • $0.97
    •  
  • 2210 Florida Avenue Kannapolis, NC 1
    • 3 beds 2 baths ∙ 1,328 Sqft ∙ Built 1947 3 beds 2 baths ∙ 1,328 Sqft ∙ Built 1947
    LEASED 06/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,250
    • $0.94
    •  
  • 268 Southaven Court Kannapolis, NC 2
    • 3 beds 2 baths ∙ 1,267 Sqft ∙ Built 2000 3 beds 2 baths ∙ 1,267 Sqft ∙ Built 2000
    LEASED 10/24/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,275
    • $1.01
    •  
  • 2627 Brodie Court Kannapolis, NC 3
    • 3 beds 2 baths ∙ 1,301 Sqft ∙ Built 2000 3 beds 2 baths ∙ 1,301 Sqft ∙ Built 2000
    LEASED 04/02/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,299
    • $1.00
    •  
  • 2267 Denwood Street Kannapolis, NC 5
    • 3 beds 2 baths ∙ 1,317 Sqft ∙ Built 1975 3 beds 2 baths ∙ 1,317 Sqft ∙ Built 1975
    LEASED 11/26/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,000
    • $1.52
    •  
PROPERTY LISTING DETAILS
Jimmy Stephens
1.704.345.7262
Austin-barnett Realty Llc
BESbswy