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1403 Debbie Street Kannapolis, NC 28083

3 Beds 2 Baths 1,397 sqft Built 1958

$259,999

List Price

$1,190

$1.1K - $1.3K

Rent Est.

PROPERTY INFO

FACTS
  • Single Family
  • Built In 1958
  • Price/Sqft : $186.11
  • 21 Days on Market
  • MLS # : 3697182
  • Updated Date : 01/29/2021 at 19:52
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,397 sqft
  • Baths : 2 full
Listing Agent

Wallace Realty

Listing Agent's Description

3BED/2BATH Full brick home, minutes from i85 and Downtown Kannapolis!! This home has almost 2800sqft of usable living area!!!!!!!! FULL BASEMENT that is ready to be molded into whatever space you desire. It is unfinished, but it is definitely too nice to simply be used for storage! You better come out soon to see this one, in this market, it certainly won't last long!!!

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

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
 

$233,999$285,999$259,999

PURCHASE PRICE

$1,071$1,309$1,190

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,190
EXPENSES Loan Payment -$903
Property Tax -$221
Property Insurance -$54
Property Management Fees -$119
CASH FLOW
-$106

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.

$259,999

PROJECTED PRICE

$1,190

PROJECTED RENT

0.46%

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$700k$800k

PROJECTED ANNUAL CASH FLOW

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

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$100k$200k$300k$400k$500k$600k$700k$800k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$74,650

INVESTMENT

$74,650

Down Payment
$65,000
Rehab Estimate
$5,750
Closing Costs
$3,900

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 55% down payment or higher enables the proceeds from the asset to cover all costs.

$903

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $65,000
Loan Amount $194,999
See What Happens When You Reinvest Cash Flow

3.33

YEARS SAVED

$7,113

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,190

    LIST RENT
  • $0.85

    LIST RENT PER SQFT
  • $1,184

    COMP ESTIMATED VALUE
  • $0.85

    COMP AVG. RENT PER SQFT
Comps Range
$1,050
1$1,0502$1,1903$1,2204$1,2505$1,275
$1,275
RENT COMPS ANALYSIS
  • 1403 Debbie Street Kannapolis, NC 2
    • 3 beds 2 baths ∙ 1,397 Sqft ∙ Built 1958 3 beds 2 baths ∙ 1,397 Sqft ∙ Built 1958
    • Rent
    • Rent Per SQFT
    •  
    • $1,190
    • $0.85
    •  
  • 803 Laura Avenue Kannapolis, NC 1
    • 3 beds 2 baths ∙ 1,266 Sqft ∙ Built 1939 3 beds 2 baths ∙ 1,266 Sqft ∙ Built 1939
    LEASED 07/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,050
    • $0.83
    •  
  • 1631 Barbara Ann Circle Kannapolis, NC 3
    • 3 beds 2 baths ∙ 1,320 Sqft ∙ Built 1998 3 beds 2 baths ∙ 1,320 Sqft ∙ Built 1998
    LEASED 03/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,220
    • $0.92
    •  
  • 506 Hazel Avenue Kannapolis, NC 4
    • 3 beds 2 baths ∙ 1,533 Sqft ∙ Built 1950 3 beds 2 baths ∙ 1,533 Sqft ∙ Built 1950
    LEASED 05/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,250
    • $0.82
    •  
  • 1502 Kingston Drive Kannapolis, NC 5
    • 3 beds 2 baths ∙ 1,558 Sqft ∙ Built 1969 3 beds 2 baths ∙ 1,558 Sqft ∙ Built 1969
    LEASED 05/29/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,275
    • $0.82
    •  
PROPERTY LISTING DETAILS
Luke Miller
1.704.438.7223
Wallace Realty
BESbswy