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193 Austin Run Court Kannapolis, NC 28083

4 Beds 3 Baths 2,040 sqft Built 2001

$239,900

List Price

$1,580

$1.4K - $1.7K

Rent Est.

PROPERTY INFO

October 29, 2020 RECENTLY ADDED
FACTS
  • Built In 2001
  • Price/Sqft : $117.60
  • 7 Days on Market
  • MLS # : 3677156
  • Updated Date : 10/31/2020 at 03:38
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,040 sqft
  • Baths : 2 full , 1 half
Listing Agent

Premier Real Estate Team Inc

Listing Agent's Description

Beautiful two story house, conveniently located in Kannapolis near I-85. Close to tons of great shopping and a short drive to downtown Kannapolis where you can enjoy all kinds of great dining and family fun. With a very large fenced in back yard, entertaining guests definitely won’t be hard to do! Don’t miss out on this fantastic home, because it won’t last long!

SEE MORE

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: Waterside Landing

NeighborhoodNIR Market*CityMarket2010Year2000201980k90k100k110k120k130k140k150k160k170k180k190k200k210kPrice in $71k213k

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

Neighborhood: Waterside Landing

NeighborhoodNIR Market*CityMarket2010Year20002019 Q270080090010001100120013001400Rent in $6251445

* 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
 

$215,910$263,890$239,900

PURCHASE PRICE

$1,422$1,738$1,580

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,580
EXPENSES Loan Payment -$885
Property Tax -$204
Property Insurance -$66
HOA -$12
Property Management Fees -$142
CASH FLOW
$271

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.

$239,900

PROJECTED PRICE

$1,580

PROJECTED RENT

0.66%

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$69,324

INVESTMENT

$69,324

Down Payment
$59,975
Rehab Estimate
$5,750
Closing Costs
$3,599

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$885

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $59,975
Loan Amount $179,925
See What Happens When You Reinvest Cash Flow

10.08

YEARS SAVED

$41,648

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,580

    LIST RENT
  • $0.77

    LIST RENT PER SQFT
  • $1,540

    COMP ESTIMATED VALUE
  • $0.76

    COMP AVG. RENT PER SQFT
Comps Range
$1,395
1$1,3952$1,4493$1,4954$1,5505$1,580
$1,580
RENT COMPS ANALYSIS
  • 193 Austin Run Court Kannapolis, NC 5
    • 4 beds 3 baths ∙ 2,040 Sqft ∙ Built 2001 4 beds 3 baths ∙ 2,040 Sqft ∙ Built 2001
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,580
    • $0.77
    •  
  • 203 Summit Park Court Kannapolis, NC 1
    • 3 beds 3 baths ∙ 1,859 Sqft ∙ Built 2004 3 beds 3 baths ∙ 1,859 Sqft ∙ Built 2004
    property image
    LEASED 05/03/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,395
    • $0.75
    •  
  • 1714 Mission Oaks Street Kannapolis, NC 2
    • 4 beds 3 baths ∙ 2,038 Sqft ∙ Built 2006 4 beds 3 baths ∙ 2,038 Sqft ∙ Built 2006
    property image
    LEASED 12/11/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,449
    • $0.71
    •  
  • 1990 Quill Court Kannapolis, NC 3
    • 3 beds 3 baths ∙ 1,944 Sqft ∙ Built 2016 3 beds 3 baths ∙ 1,944 Sqft ∙ Built 2016
    property image
    LEASED 11/21/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,495
    • $0.77
    •  
  • 1935 Summit Ridge Lane Kannapolis, NC 4
    • 3 beds 2 baths ∙ 1,992 Sqft ∙ Built 2000 3 beds 2 baths ∙ 1,992 Sqft ∙ Built 2000
    property image
    LEASED 03/26/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,550
    • $0.78
    •  
PROPERTY LISTING DETAILS
Michael Cline
1.704.960.2353
Premier Real Estate Team Inc
BESbswy