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165 Crescent Street Kannapolis, NC 28081

3 Beds 2 Baths 1,320 sqft Built 2018

INVESTimate

$207,000

List Price

$1,360

$1,224 - $1,496

Rent Est.

$218,696  ( +5.65%)   1 YR EST. FORECAST

PROPERTY INFO

August 19, 2020 RECENTLY ADDED
FACTS
  • Built In 2018
  • Price/Sqft : $156.82
  • 8 Days on Market
  • MLS # : 3653407
  • Updated Date : 08/19/2020 at 11:55
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,320 sqft
  • Baths : 2 full
Listing Agent

Keller Williams Ballantyne Area

Listing Agent's Description

Like new 3 bed 2 full bath ranch home! Open floor plan with beautiful granite counter tops in kitchen and bathrooms. Master suite with dual sinks, and large walk in closet! Luxury vinyl plank flooring. Large walk in laundry room! Stainless steel appliances. Huge fenced in back yard with new utility/work shed!

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: 28081

ZipNIR Market*CityMarket2010Year2000201980k90k100k110k120k130k140k150k160k170k180k190k200k210kPrice in $71k213k

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

Zip Code: 28081

ZipNIR 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
Winecoff Elementary School Primary Regular 904 58 2
Northwest Cabarrus Middle School Middle Regular 905 58 4
Northwest Cabarrus High School High Regular 1,198 72 3

Winecoff Elementary School

  • Education Level: Primary
  • # of students: 904
  • # of teachers: 58
2
GreatSchools Rating

Northwest Cabarrus Middle School

  • Education Level: Middle
  • # of students: 905
  • # of teachers: 58
4
GreatSchools Rating

Northwest Cabarrus High School

  • Education Level: High
  • # of students: 1,198
  • # of teachers: 72
3
GreatSchools Rating
 

$186,300$227,700$207,000

PURCHASE PRICE

$1,224$1,496$1,360

RENT

DOWN PAYMENT
FINANCING

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$100k$200k$300k$400k$500k$600k$700k

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

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,360
EXPENSES Loan Payment -$764
Property Tax -$176
Property Insurance -$52
Property Management Fees -$122
CASH FLOW
$246

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.

$207,000

PROJECTED PRICE

$1,360

PROJECTED RENT

0.66%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.94%
Appreciation Year (1-5) 5.65%
Maintenance Year (1-5) 8.00%
Vacancy 6.02%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$60,605

INVESTMENT

$60,605

Down Payment
$51,750
Rehab Estimate
$5,750
Closing Costs
$3,105

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 30% down payment or higher enables the proceeds from the asset to cover all costs.

$764

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $51,750
Loan Amount $155,250
See What Happens When You Reinvest Cash Flow

10.42

YEARS SAVED

$37,657

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,360

    LIST RENT
  • $1.03

    LIST RENT PER SQFT
  • $1,290

    COMP ESTIMATED VALUE
  • $0.98

    COMP AVG. RENT PER SQFT
Comps Range
$1,299
1$1,2992$1,3203$1,3254$1,3605$1,395
$1,395
RENT COMPS ANALYSIS
  • 165 Crescent Street Kannapolis, NC 4
    • 3 beds 2 baths ∙ 1,320 Sqft ∙ Built 2018 3 beds 2 baths ∙ 1,320 Sqft ∙ Built 2018
    • Rent
    • Rent Per SQFT
    •  
    • $1,360
    • $1.03
    •  
  • 2627 Brodie Court Kannapolis, NC 1
    • 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
    •  
  • 2231 Oakhurst Court Kannapolis, NC 2
    • 3 beds 3 baths ∙ 1,430 Sqft ∙ Built 2001 3 beds 3 baths ∙ 1,430 Sqft ∙ Built 2001
    LEASED 12/01/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,320
    • $0.92
    •  
  • 113 Cline Street Concord, NC 3
    • 3 beds 3 baths ∙ 1,326 Sqft ∙ Built 2016 3 beds 3 baths ∙ 1,326 Sqft ∙ Built 2016
    LEASED 01/30/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,325
    • $1.00
    •  
  • 110 Ashmont Drive Kannapolis, NC 5
    • 3 beds 3 baths ∙ 1,411 Sqft ∙ Built 2001 3 beds 3 baths ∙ 1,411 Sqft ∙ Built 2001
    LEASED 07/13/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,395
    • $0.99
    •  
PROPERTY LISTING DETAILS
Michael Brown
1.704.488.8256
Keller Williams Ballantyne Area
BESbswy