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2022 Osborne Street Kannapolis, NC 28083

3 Beds 2 Baths 1,764 sqft Built 1974

$289,900

List Price

$1,600

$1.4K - $1.8K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
July 13, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1974
  • Price/Sqft : $164.34
  • 1 Days on Market
  • MLS # : CAR3761729
  • Updated Date : 07/13/2021 at 04:12
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,764 sqft
  • Baths : 2 full
Listing Agent

Realty One Group Select

Listing Agent's Description

Welcome Home! This charming and recently renovated home is on a quiet neighborhood street with close proximity to both I-85 and downtown Kannapolis. Since purchasing this home, the owners have added a new roof, new water heater, new windows, new updated kitchen (featuring granite countertops, new cabinets, and a new dishwasher and microwave), updated the bathrooms, installed new flooring, lighting, and interior doors + home has an attached garage with a new garage door and brand new driveway. Home is permitted for 3 bedrooms and has an additional room on the ground level that would make a great office or playroom space. Home sits on nearly a ½ acre and has a great deck off the kitchen perfect for entertaining or sipping morning coffee. Sellers offering a home warranty up to $600. Don’t miss all this home has to offer!

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • 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)

PRICE & RENT TRENDS

Neighborhood: Murry Hills

NeighborhoodNIR Market*CityMarket2010Year2000201980k90k100k110k120k130k140k150k160k170k180k190k200k210kPrice in $71k213k

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

Neighborhood: Murry 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
Royal Oaks Elementary School Primary Regular 320 20 2
Concord Middle School Middle Regular 922 62 2
Concord High School High Regular 1,252 79 3

Royal Oaks Elementary School

  • Education Level: Primary
  • # of students: 320
  • # of teachers: 20
2
GreatSchools Rating

Concord Middle School

  • Education Level: Middle
  • # of students: 922
  • # of teachers: 62
2
GreatSchools Rating

Concord High School

  • Education Level: High
  • # of students: 1,252
  • # of teachers: 79
3
GreatSchools Rating
 

$260,910$318,890$289,900

PURCHASE PRICE

$1,440$1,760$1,600

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,600
EXPENSES Loan Payment -$1,007
Property Tax -$246
Property Insurance -$60
Property Management Fees -$119
CASH FLOW
$168

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.

$289,900

PROJECTED PRICE

$1,600

PROJECTED RENT

0.55%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.98%
Appreciation Year (1-5) 7.8%
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$200k$400k$600k$800k$1.0M

PROJECTED ANNUAL CASH FLOW

11530$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k$14k$16k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$82,574

INVESTMENT

$82,574

Down Payment
$72,475
Rehab Estimate
$5,750
Closing Costs
$4,349

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 40% down payment or higher enables the proceeds from the asset to cover all costs.

$1,007

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $72,475
Loan Amount $217,425
See What Happens When You Reinvest Cash Flow

8.08

YEARS SAVED

$30,379

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $0

    LIST RENT
  • $0

    LIST RENT PER SQFT
  • $1,605

    COMP ESTIMATED VALUE
  • $0.91

    COMP AVG. RENT PER SQFT
Comps Range
$0
1$02$1,3303$1,3954$1,495
$1,495
RENT COMPS ANALYSIS
  • 2022 Osborne Street Kannapolis, NC 1
    • 3 beds 2 baths ∙ 1,764 Sqft ∙ Built 1974 3 beds 2 baths ∙ 1,764 Sqft ∙ Built 1974
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $0
    • $0.00
    •  
  • 4861 Samuel Richard Street Kannapolis, NC 2
    • 3 beds 3 baths ∙ 1,604 Sqft ∙ Built 2005 3 beds 3 baths ∙ 1,604 Sqft ∙ Built 2005
    property image
    LEASED 01/24/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,330
    • $0.83
    •  
  • 2828 Ireton Place Kannapolis, NC 3
    • 3 beds 3 baths ∙ 1,528 Sqft ∙ Built 2003 3 beds 3 baths ∙ 1,528 Sqft ∙ Built 2003
    property image
    LEASED 03/26/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,395
    • $0.91
    •  
  • 4826 Samuel Richard Street Kannapolis, NC 4
    • 4 beds 3 baths ∙ 1,506 Sqft ∙ Built 2006 4 beds 3 baths ∙ 1,506 Sqft ∙ Built 2006
    property image
    LEASED 02/17/21
    • Rent
    • Rent Per SQFT
    •  
    • $1,495
    • $0.99
    •  
PROPERTY LISTING DETAILS
Kristin Caputo
1.704.891.0365
Realty One Group Select
BESbswy