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122 Basin Avenue Kannapolis, NC 28083

3 Beds 1 Baths 1,100 sqft Built 1940

$124,900

List Price

$1,010

$909 - $1.1K

Rent Est.

PROPERTY INFO

80% chance this property will be sold within the next 20 days HOT INVESTMENT
November 12, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1940
  • Price/Sqft : $113.55
  • 6 Days on Market
  • MLS # : 3681102
  • Updated Date : 11/13/2020 at 17:37
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,100 sqft
  • Baths : 1 full
Listing Agent

Bowman Real Estate Llc

Listing Agent's Description

Pro-forming rental home in the heart of Kannapolis with strong returns! This updated 3 bedroom ranch rents for $950/month. This home was fully renovated approx. 5 years ago with electrical, windows, kitchen cabinets, countertops, appliances, bathroom fixtures, lighting, hardwood flooring, laminate in bedrooms, tile in mud room/laundry. HVAC was replace 2015, roof 2007. It is walking distance to downtown Kannapolis and future Cannonballers Stadium. Close proximity to A.L.Brown High School. Tenant has not been made aware of home for sale so please do not discuss with nearby residents or tenant and do not walk on the property. Walk-through available after contract. This is an assignment contract sale.

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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

Neighborhood: Nightown

NeighborhoodNIR Market*CityMarket2010Year2000201960k80k100k120k140k160k180k200kPrice in $47k213k

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

Neighborhood: Nightown

NeighborhoodNIR Market*CityMarket2010Year20002019 Q26007008009001000110012001300Rent in $5661375

* 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
Woodrow Wilson Elementary School Primary Regular 491 38 4
Al. Brown High School High Regular 1,475 100 2

Woodrow Wilson Elementary School

  • Education Level: Primary
  • # of students: 491
  • # of teachers: 38
4
GreatSchools Rating

Al. Brown High School

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

$112,410$137,390$124,900

PURCHASE PRICE

$909$1,111$1,010

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,010
EXPENSES Loan Payment -$461
Property Tax -$110
Property Insurance -$48
Property Management Fees -$91
CASH FLOW
$300

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.

$124,900

PROJECTED PRICE

$1,010

PROJECTED RENT

0.81%

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$100k$200k$300k$400k$500k$600k

PROJECTED ANNUAL CASH FLOW

11530$0.0$2.0k$4.0k$6.0k$8.0k$10k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$50k$100k$150k$200k$250k$300k$350k$400k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$38,849

INVESTMENT

$38,849

Down Payment
$31,225
Rehab Estimate
$5,750
Closing Costs
$1,874

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$461

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $31,225
Loan Amount $93,675
See What Happens When You Reinvest Cash Flow

14.67

YEARS SAVED

$35,680

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,010

    LIST RENT
  • $0.92

    LIST RENT PER SQFT
  • $1,031

    COMP ESTIMATED VALUE
  • $0.94

    COMP AVG. RENT PER SQFT
Comps Range
$1,010
1$1,0102$1,0253$1,1494$1,2955$1,375
$1,375
RENT COMPS ANALYSIS
  • 122 Basin Avenue Kannapolis, NC 1
    • 3 beds 1 baths ∙ 1,100 Sqft ∙ Built 1940 3 beds 1 baths ∙ 1,100 Sqft ∙ Built 1940
    • Rent
    • Rent Per SQFT
    •  
    • $1,010
    • $0.92
    •  
  • 205 Wood Avenue Kannapolis, NC 2
    • 3 beds 2 baths ∙ 1,210 Sqft ∙ Built 3 beds 2 baths ∙ 1,210 Sqft ∙ Built
    LEASED 02/20/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,025
    • $0.85
    •  
  • 1624 Shepard Street Kannapolis, NC 3
    • 3 beds 2 baths ∙ 1,176 Sqft ∙ Built 2019 3 beds 2 baths ∙ 1,176 Sqft ∙ Built 2019
    LEASED 04/29/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,149
    • $0.98
    •  
  • 1403 Debbie Street Kannapolis, NC 4
    • 3 beds 2 baths ∙ 1,380 Sqft ∙ Built 1958 3 beds 2 baths ∙ 1,380 Sqft ∙ Built 1958
    LEASED 01/23/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,295
    • $0.94
    •  
  • 1219 1st Street Kannapolis, NC 5
    • 3 beds 2 baths ∙ 1,400 Sqft ∙ Built 1940 3 beds 2 baths ∙ 1,400 Sqft ∙ Built 1940
    LEASED 04/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,375
    • $0.98
    •  
PROPERTY LISTING DETAILS
Jessica Sinski
1.980.365.3575
Bowman Real Estate Llc
BESbswy