Work with a dedicated Real Estate Advisor who will take your financial preferences and help you select and acquire properties that fit your criteria. Learn more

2410 S Ridge Avenue #1 Kannapolis, NC 28083

3 Beds 2 Baths 1,056 sqft Built 1993

$179,000

List Price

$1,180

$1.1K - $1.3K

Rent Est.

PROPERTY INFO

January 03, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1993
  • Price/Sqft : $169.51
  • 6 Days on Market
  • MLS # : 3693576
  • Updated Date : 01/03/2021 at 00:05
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,056 sqft
  • Baths : 2 full
Listing Agent

Kelly Realty Group Llc

Listing Agent's Description

Cozy ranch style homes, move in ready, features 3 bedrooms and 2 full baths, covered front porch plus large back deck, private and leveled back yard with NO HOA. Home and two sheds being 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

Neighborhood: Midway East

NeighborhoodNIR Market*CityMarket2010Year2000201980k90k100k110k120k130k140k150k160k170k180k190k200k210kPrice in $71k213k

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

Neighborhood: Midway East

NeighborhoodNIR Market*CityMarket2010Year20002019 Q26007008009001000110012001300Rent in $5821375

* 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
 

$161,100$196,900$179,000

PURCHASE PRICE

$1,062$1,298$1,180

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,180
EXPENSES Loan Payment -$660
Property Tax -$152
Property Insurance -$47
Property Management Fees -$119
CASH FLOW
$202

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.

$179,000

PROJECTED PRICE

$1,180

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

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$53,185

INVESTMENT

$53,185

Down Payment
$44,750
Rehab Estimate
$5,750
Closing Costs
$2,685

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$660

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $44,750
Loan Amount $134,250
See What Happens When You Reinvest Cash Flow

11.08

YEARS SAVED

$34,408

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,180

    LIST RENT
  • $1.12

    LIST RENT PER SQFT
  • $1,061

    COMP ESTIMATED VALUE
  • $1.01

    COMP AVG. RENT PER SQFT
Comps Range
$1,180
1$1,1802$1,1953$1,1994$1,2995$1,325
$1,325
RENT COMPS ANALYSIS
  • 2410 S Ridge Avenue Kannapolis, NC 1
    • 3 beds 2 baths ∙ 1,056 Sqft ∙ Built 1993 3 beds 2 baths ∙ 1,056 Sqft ∙ Built 1993
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,180
    • $1.12
    •  
  • 408 Coach Street Kannapolis, NC 2
    • 3 beds 2 baths ∙ 1,135 Sqft ∙ Built 2008 3 beds 2 baths ∙ 1,135 Sqft ∙ Built 2008
    property image
    LEASED 02/11/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,195
    • $1.05
    •  
  • 2897 Shady Lane Avenue Concord, NC 3
    • 3 beds 2 baths ∙ 1,230 Sqft ∙ Built 2004 3 beds 2 baths ∙ 1,230 Sqft ∙ Built 2004
    property image
    LEASED 03/24/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,199
    • $0.97
    •  
  • 2627 Brodie Court Kannapolis, NC 4
    • 3 beds 2 baths ∙ 1,301 Sqft ∙ Built 2000 3 beds 2 baths ∙ 1,301 Sqft ∙ Built 2000
    property image
    LEASED 04/02/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,299
    • $1.00
    •  
  • 113 Cline Street Concord, NC 5
    • 3 beds 3 baths ∙ 1,326 Sqft ∙ Built 2016 3 beds 3 baths ∙ 1,326 Sqft ∙ Built 2016
    property image
    LEASED 01/30/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,325
    • $1.00
    •  
PROPERTY LISTING DETAILS
Kelly Hardnett
1.704.858.6966
Kelly Realty Group Llc
BESbswy