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1402 Debbie Street Kannapolis, NC 28083

3 Beds 3 Baths 2,552 sqft Built 1962

$235,000

List Price

$1,500

$1.4K - $1.7K

Rent Est.

PROPERTY INFO

November 27, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1962
  • Price/Sqft : $92.08
  • 3 Days on Market
  • MLS # : 3686880
  • Updated Date : 11/27/2020 at 10:36
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,552 sqft
  • Baths : 2 full , 1 half
Listing Agent

Level Up Realty Llc

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
Jackson Park Elementary School Primary Regular 472 34 4
Al. Brown High School High Regular 1,475 100 2

Jackson Park Elementary School

  • Education Level: Primary
  • # of students: 472
  • # of teachers: 34
4
GreatSchools Rating

Al. Brown High School

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

$211,500$258,500$235,000

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 -$867
Property Tax -$200
Property Insurance -$75
Property Management Fees -$135
CASH FLOW
$223

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.

$235,000

PROJECTED PRICE

$1,500

PROJECTED RENT

0.64%

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

PROJECTED ANNUAL CASH FLOW

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

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$68,025

INVESTMENT

$68,025

Down Payment
$58,750
Rehab Estimate
$5,750
Closing Costs
$3,525

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 35% down payment or higher enables the proceeds from the asset to cover all costs.

$867

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $58,750
Loan Amount $176,250
See What Happens When You Reinvest Cash Flow

9.25

YEARS SAVED

$35,326

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
  • $0.59

    LIST RENT PER SQFT
  • $1,825

    COMP ESTIMATED VALUE
  • $0.72

    COMP AVG. RENT PER SQFT
Comps Range
$1,500
1$1,5002$1,5253$1,745
$1,745
RENT COMPS ANALYSIS
  • 1402 Debbie Street Kannapolis, NC 1
    • 3 beds 3 baths ∙ 2,552 Sqft ∙ Built 1962 3 beds 3 baths ∙ 2,552 Sqft ∙ Built 1962
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,500
    • $0.59
    •  
  • 110 Harvest Pointe Drive Statesville, NC 2
    • 4 beds 3 baths ∙ 2,220 Sqft ∙ Built 2017 4 beds 3 baths ∙ 2,220 Sqft ∙ Built 2017
    property image
    LEASED 07/23/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,525
    • $0.69
    •  
  • 1470 Mitchell Glen Street Kannapolis, NC 3
    • 4 beds 3 baths ∙ 2,355 Sqft ∙ Built 2002 4 beds 3 baths ∙ 2,355 Sqft ∙ Built 2002
    property image
    LEASED 11/16/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,745
    • $0.74
    •  
PROPERTY LISTING DETAILS
Marie Black
1.704.770.6212
Level Up Realty Llc
BESbswy