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2138 Hopedale Street Kannapolis, NC 28083

3 Beds 2 Baths 1,323 sqft Built 1972

$195,000

List Price

$1,210

$1.1K - $1.3K

Rent Est.

PROPERTY INFO

October 31, 2020 RECENTLY ADDED
FACTS
  • Built In 1972
  • Price/Sqft : $147.39
  • 4 Days on Market
  • MLS # : 3678210
  • Updated Date : 10/31/2020 at 21:52
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,323 sqft
  • Baths : 2 full
Listing Agent

Keller Williams Lake Norman

Listing Agent's Description

BEAUTIFUL SINGLE FAMILY HOME. IS MOVE IN READY WITH FRESH PAINT THROUGH OUT THE HOUSE. REMODEL KITCHEN,MASTER BEDROOM,NEW CARPET IN ALL 3 ROOMS, NEW WINDOWS WITH NEW BLINDS. LARGE STORAGE WITH TONE OF POTIAL USE. LONG DRIVE WAY WITH ONE CAR PORT SCHEDULE YOUR SHOWING TODAY

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

Zip Code: 28083

ZipNIR Market*CityMarket2010Year2000201970k80k90k100k110k120k130k140k150k160k170k180k190k200k210kPrice in $67k213k

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

Zip Code: 28083

ZipNIR Market*CityMarket2010Year20002019 Q26007008009001000110012001300Rent in $5921375

* 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
 

$175,500$214,500$195,000

PURCHASE PRICE

$1,089$1,331$1,210

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,210
EXPENSES Loan Payment -$719
Property Tax -$166
Property Insurance -$52
Property Management Fees -$109
CASH FLOW
$164

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.

$195,000

PROJECTED PRICE

$1,210

PROJECTED RENT

0.62%

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

PROJECTED ANNUAL CASH FLOW

11530$0.0$2.0k$4.0k$6.0k$8.0k$10k

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$57,425

INVESTMENT

$57,425

Down Payment
$48,750
Rehab Estimate
$5,750
Closing Costs
$2,925

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 35% down payment or higher enables the proceeds from the asset to cover all costs.

$719

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $48,750
Loan Amount $146,250
See What Happens When You Reinvest Cash Flow

8.5

YEARS SAVED

$26,523

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,210

    LIST RENT
  • $0.91

    LIST RENT PER SQFT
  • $1,224

    COMP ESTIMATED VALUE
  • $0.92

    COMP AVG. RENT PER SQFT
Comps Range
$1,210
1$1,2102$1,2953$1,2954$1,2995$1,300
$1,300
RENT COMPS ANALYSIS
  • 2138 Hopedale Street Kannapolis, NC 1
    • 3 beds 2 baths ∙ 1,323 Sqft ∙ Built 1972 3 beds 2 baths ∙ 1,323 Sqft ∙ Built 1972
    • Rent
    • Rent Per SQFT
    •  
    • $1,210
    • $0.91
    •  
  • 210 Forest Pond Road Kannapolis, NC 2
    • 3 beds 3 baths ∙ 1,460 Sqft ∙ Built 1995 3 beds 3 baths ∙ 1,460 Sqft ∙ Built 1995
    LEASED 01/07/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,295
    • $0.89
    •  
  • 2121 Brantley Creek Drive Kannapolis, NC 3
    • 3 beds 3 baths ∙ 1,384 Sqft ∙ Built 2003 3 beds 3 baths ∙ 1,384 Sqft ∙ Built 2003
    LEASED 02/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,295
    • $0.94
    •  
  • 2013 Samantha Drive Kannapolis, NC 4
    • 3 beds 2 baths ∙ 1,329 Sqft ∙ Built 2008 3 beds 2 baths ∙ 1,329 Sqft ∙ Built 2008
    LEASED 02/18/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,299
    • $0.98
    •  
  • 1271 Midlake Road Kannapolis, NC 5
    • 3 beds 3 baths ∙ 1,460 Sqft ∙ Built 1996 3 beds 3 baths ∙ 1,460 Sqft ∙ Built 1996
    LEASED 03/06/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,300
    • $0.89
    •  
PROPERTY LISTING DETAILS
Evelin Hernandez
1.980.339.6480
Keller Williams Lake Norman
BESbswy