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1906 Mission Oaks Street Kannapolis, NC 28083

3 Beds 2 Baths 1,606 sqft Built 2005

$190,000

List Price

$1,370

$1.2K - $1.5K

Rent Est.

PROPERTY INFO

November 12, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2005
  • Price/Sqft : $118.31
  • 4 Days on Market
  • MLS # : 3681966
  • Updated Date : 11/14/2020 at 08:16
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,606 sqft
  • Baths : 2 full
Listing Agent

Keller Williams South Park

Listing Agent's Description

This is it- a 3 bedrooms 2 bathroom home in Kannapolis for under $200K! This home has been lovingly maintained and is just waiting for the next homeowners to move in and create some great memories. The owner's suite is located on the main level along with the laundry! The large kitchen has a perfect spot for your dining table! Schedule your tour now before it's gone!! *** Seller is calling for all offers by 8pm on Saturday, November 14!***

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

Neighborhood: Mission Hills

NeighborhoodNIR Market*CityMarket2010Year2000201980k90k100k110k120k130k140k150k160k170k180k190k200k210kPrice in $71k213k

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

Neighborhood: Mission Hills

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
Forest Park Elementary School Primary Regular 606 40 5
Al. Brown High School High Regular 1,475 100 2

Forest Park Elementary School

  • Education Level: Primary
  • # of students: 606
  • # of teachers: 40
5
GreatSchools Rating

Al. Brown High School

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

$171,000$209,000$190,000

PURCHASE PRICE

$1,233$1,507$1,370

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,370
EXPENSES Loan Payment -$701
Property Tax -$161
Property Insurance -$57
HOA -$10
Property Management Fees -$123
CASH FLOW
$317

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.

$190,000

PROJECTED PRICE

$1,370

PROJECTED RENT

0.72%

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$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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$56,100

INVESTMENT

$56,100

Down Payment
$47,500
Rehab Estimate
$5,750
Closing Costs
$2,850

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 25% down payment or higher enables the proceeds from the asset to cover all costs.

$701

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $47,500
Loan Amount $142,500
See What Happens When You Reinvest Cash Flow

12.42

YEARS SAVED

$43,903

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,370

    LIST RENT
  • $0.85

    LIST RENT PER SQFT
  • $1,377

    COMP ESTIMATED VALUE
  • $0.86

    COMP AVG. RENT PER SQFT
Comps Range
$1,325
1$1,3252$1,3453$1,3504$1,3705$1,375
$1,375
RENT COMPS ANALYSIS
  • 1906 Mission Oaks Street Kannapolis, NC 4
    • 3 beds 2 baths ∙ 1,606 Sqft ∙ Built 2005 3 beds 2 baths ∙ 1,606 Sqft ∙ Built 2005
    • Rent
    • Rent Per SQFT
    •  
    • $1,370
    • $0.85
    •  
  • 1481 Mitchell Glen Street Kannapolis, NC 1
    • 3 beds 3 baths ∙ 1,488 Sqft ∙ Built 2005 3 beds 3 baths ∙ 1,488 Sqft ∙ Built 2005
    LEASED 01/27/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,325
    • $0.89
    •  
  • 1742 Summit Ridge Lane Kannapolis, NC 2
    • 3 beds 2 baths ∙ 1,707 Sqft ∙ Built 2001 3 beds 2 baths ∙ 1,707 Sqft ∙ Built 2001
    LEASED 12/08/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,345
    • $0.79
    •  
  • 2596 Captains Watch Road Kannapolis, NC 3
    • 3 beds 3 baths ∙ 1,496 Sqft ∙ Built 2006 3 beds 3 baths ∙ 1,496 Sqft ∙ Built 2006
    LEASED 04/02/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,350
    • $0.90
    •  
  • 243 Summit Park Court Kannapolis, NC 5
    • 3 beds 2 baths ∙ 1,617 Sqft ∙ Built 2005 3 beds 2 baths ∙ 1,617 Sqft ∙ Built 2005
    LEASED 05/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,375
    • $0.85
    •  
PROPERTY LISTING DETAILS
Lindsay Smith
1.203.231.6131
Keller Williams South Park
BESbswy