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2340 Centergrove Road Kannapolis, NC 28083

4 Beds 3 Baths 2,259 sqft Built 2000

$280,000

List Price

$1,590

$1.4K - $1.7K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
March 13, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2000
  • Price/Sqft : $123.95
  • 4 Days on Market
  • MLS # : 3717601
  • Updated Date : 03/13/2021 at 09:10
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,259 sqft
  • Baths : 2 full , 1 half
Listing Agent

Re/max Leading Edge

Listing Agent's Description

Welcome to this Beautiful 2 story home located in Kannapolis, NC with NO HOA'S. Spacious great room with open floor plan that flows into the dining and kitchen area. Upstairs you will find the additional 3 beds and 2 full baths and a huge bonus room. Enjoy the deck overlooking large backyard with mature trees. Great growing Kannapolis location close to schools, parks, restaurants & shopping! Easy access to I-85. Professional pictures and measurements to come. SELLER WILL NOT MAKE ANY REPAIRS. HOUSE IS SOLD AS IS.

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: 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
 

$252,000$308,000$280,000

PURCHASE PRICE

$1,431$1,749$1,590

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,590
EXPENSES Loan Payment -$973
Property Tax -$238
Property Insurance -$70
Property Management Fees -$119
CASH FLOW
$191

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.

$280,000

PROJECTED PRICE

$1,590

PROJECTED RENT

0.57%

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$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$100k$200k$300k$400k$500k$600k$700k$800k$900k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$79,950

INVESTMENT

$79,950

Down Payment
$70,000
Rehab Estimate
$5,750
Closing Costs
$4,200

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$973

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $70,000
Loan Amount $210,000
See What Happens When You Reinvest Cash Flow

8.67

YEARS SAVED

$32,852

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,590

    LIST RENT
  • $0.7

    LIST RENT PER SQFT
  • $1,709

    COMP ESTIMATED VALUE
  • $0.76

    COMP AVG. RENT PER SQFT
Comps Range
$1,495
1$1,4952$1,5753$1,5904$1,745
$1,745
RENT COMPS ANALYSIS
  • 2340 Centergrove Road Kannapolis, NC 3
    • 4 beds 3 baths ∙ 2,259 Sqft ∙ Built 2000 4 beds 3 baths ∙ 2,259 Sqft ∙ Built 2000
    • Rent
    • Rent Per SQFT
    •  
    • $1,590
    • $0.70
    •  
  • 1990 Quill Court Kannapolis, NC 1
    • 3 beds 3 baths ∙ 1,944 Sqft ∙ Built 2016 3 beds 3 baths ∙ 1,944 Sqft ∙ Built 2016
    LEASED 11/21/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,495
    • $0.77
    •  
  • 1416 Tygress Drive Kannapolis, NC 2
    • 3 beds 3 baths ∙ 2,065 Sqft ∙ Built 2006 3 beds 3 baths ∙ 2,065 Sqft ∙ Built 2006
    LEASED 03/12/21
    • Rent
    • Rent Per SQFT
    •  
    • $1,575
    • $0.76
    •  
  • 1470 Mitchell Glen Street Kannapolis, NC 4
    • 4 beds 3 baths ∙ 2,355 Sqft ∙ Built 2002 4 beds 3 baths ∙ 2,355 Sqft ∙ Built 2002
    LEASED 12/06/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,745
    • $0.74
    •  
PROPERTY LISTING DETAILS
Lisa Carlton
1.704.699.3522
Re/max Leading Edge
1.866.250.5610
Carolina Multiple Listing Services ( Carolina)
MLS #: 3717601
Last Updated: 03/13/2021
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