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1429 Sherwood Drive Kannapolis, NC 28081

4 Beds 3 Baths 1,547 sqft Built 1965

$245,000

List Price

$1,400

$1.3K - $1.5K

Rent Est.

PROPERTY INFO

October 31, 2020 RECENTLY ADDED
FACTS
  • Built In 1965
  • Price/Sqft : $158.37
  • 6 Days on Market
  • MLS # : 3677049
  • Updated Date : 10/31/2020 at 00:05
CONSTRUCTION
  • Beds : 4
  • Floor Size : 1,547 sqft
  • Baths : 3 full
Listing Agent

Desired Design Real Estate

Listing Agent's Description

Beautiful fully renovated 4 bedroom property with 3 full baths sitting on nearly 1/2 acre. This home has dual masters (one on each end) and the other 2 rooms share the hall bath. Perfect home for entertaining with ample room in both the front and back yard patio, porch, and yard.

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MARKET HIGHLIGHTS

  • 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)
  • 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)

PRICE & RENT TRENDS

Neighborhood: Sherwood Forest

NeighborhoodNIR Market*CityMarket2010Year2000201980k90k100k110k120k130k140k150k160k170k180k190k200k210kPrice in $71k213k

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

Neighborhood: Sherwood Forest

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
 

$220,500$269,500$245,000

PURCHASE PRICE

$1,260$1,540$1,400

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,400
EXPENSES Loan Payment -$904
Property Tax -$208
Property Insurance -$56
Property Management Fees -$126
CASH FLOW
$106

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 15% of earned rent to cover both maintenance and periods of vacancy.

$245,000

PROJECTED PRICE

$1,400

PROJECTED RENT

0.57%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.98%
Appreciation Year (1-5) 5.7%
Maintenance Year (1-5) 8.00%
Vacancy 6.57%
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$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k

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$70,675

INVESTMENT

$70,675

Down Payment
$61,250
Rehab Estimate
$5,750
Closing Costs
$3,675

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 45% down payment or higher enables the proceeds from the asset to cover all costs.

$904

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $61,250
Loan Amount $183,750
See What Happens When You Reinvest Cash Flow

6.42

YEARS SAVED

$21,875

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,400

    LIST RENT
  • $0.9

    LIST RENT PER SQFT
  • $1,454

    COMP ESTIMATED VALUE
  • $0.94

    COMP AVG. RENT PER SQFT
Comps Range
$1,349
1$1,3492$1,3953$1,4004$1,4755$1,495
$1,495
RENT COMPS ANALYSIS
  • 1429 Sherwood Drive Kannapolis, NC 3
    • 4 beds 3 baths ∙ 1,547 Sqft ∙ Built 1965 4 beds 3 baths ∙ 1,547 Sqft ∙ Built 1965
    • Rent
    • Rent Per SQFT
    •  
    • $1,400
    • $0.90
    •  
  • 941 Lynnview Court Kannapolis, NC 1
    • 3 beds 2 baths ∙ 1,356 Sqft ∙ Built 2002 3 beds 2 baths ∙ 1,356 Sqft ∙ Built 2002
    LEASED 11/06/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,349
    • $0.99
    •  
  • 916 Victoria Avenue Kannapolis, NC 2
    • 3 beds 2 baths ∙ 1,560 Sqft ∙ Built 3 beds 2 baths ∙ 1,560 Sqft ∙ Built
    LEASED 05/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,395
    • $0.89
    •  
  • 918 Victoria Avenue Kannapolis, NC 4
    • 3 beds 3 baths ∙ 1,670 Sqft ∙ Built 3 beds 3 baths ∙ 1,670 Sqft ∙ Built
    LEASED 05/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,475
    • $0.88
    •  
  • 331 Settlers Ridge Drive Kannapolis, NC 5
    • 3 beds 2 baths ∙ 1,500 Sqft ∙ Built 2006 3 beds 2 baths ∙ 1,500 Sqft ∙ Built 2006
    LEASED 09/18/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,495
    • $1.00
    •  
PROPERTY LISTING DETAILS
Desiree Ray
1.704.737.2997
Desired Design Real Estate
BESbswy