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305 Athens Hills Place Kannapolis, NC 28083

3 Beds 2 Baths 1,064 sqft Built 2001

$197,900

List Price

$1,210

$1.1K - $1.3K

Rent Est.

PROPERTY INFO

December 04, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2001
  • Price/Sqft : $186.00
  • 4 Days on Market
  • MLS # : 3688489
  • Updated Date : 12/03/2020 at 22:03
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,064 sqft
  • Baths : 2 full
Listing Agent

Keller Williams South Park

Listing Agent's Description

Imagine living in a home with Lake Concord just at the back of your residence. Sprawled in a 0.16-acre land in the heart of Mission Hills subdivision, this fantastic home with 3 bedrooms and 2 baths also features a spacious living area with lots of natural lights and well-lit dining space. A well-equipped kitchen perfect for prepping meals with efficient cabinetry and lovely countertops. This home also takes pride in its master bedroom along with its lavish en-suite and closet. Additional two bedrooms and a wooden deck overlooking Lake Concord are available for entertaining guests. To see is to believe. Come and schedule your visit now!

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: Mission Hills

NeighborhoodNIR Market*CityMarket2010Year2000201980k90k100k110k120k130k140k150k160k170k180k190k200k210kPrice in $71k213k

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

Neighborhood: Mission 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
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
 

$178,110$217,690$197,900

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 -$730
Property Tax -$168
Property Insurance -$47
HOA -$8
Property Management Fees -$119
CASH FLOW
$138

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.

$197,900

PROJECTED PRICE

$1,210

PROJECTED RENT

0.61%

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$800k

PROJECTED ANNUAL CASH FLOW

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

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$58,194

INVESTMENT

$58,194

Down Payment
$49,475
Rehab Estimate
$5,750
Closing Costs
$2,969

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$730

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $49,475
Loan Amount $148,425
See What Happens When You Reinvest Cash Flow

8.75

YEARS SAVED

$27,567

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
  • $1.14

    LIST RENT PER SQFT
  • $1,107

    COMP ESTIMATED VALUE
  • $1.04

    COMP AVG. RENT PER SQFT
Comps Range
$1,175
1$1,1752$1,1913$1,1954$1,2105$1,295
$1,295
RENT COMPS ANALYSIS
  • 305 Athens Hills Place Kannapolis, NC 4
    • 3 beds 2 baths ∙ 1,064 Sqft ∙ Built 2001 3 beds 2 baths ∙ 1,064 Sqft ∙ Built 2001
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,210
    • $1.14
    •  
  • 1918 Duke Adam Street Kannapolis, NC 1
    • 3 beds 2 baths ∙ 1,122 Sqft ∙ Built 2004 3 beds 2 baths ∙ 1,122 Sqft ∙ Built 2004
    property image
    LEASED 12/06/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,175
    • $1.05
    •  
  • 1427 Ontario Drive Kannapolis, NC 2
    • 3 beds 2 baths ∙ 1,135 Sqft ∙ Built 2008 3 beds 2 baths ∙ 1,135 Sqft ∙ Built 2008
    property image
    LEASED 02/24/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,191
    • $1.05
    •  
  • 1645 Bernard Avenue Kannapolis, NC 3
    • 3 beds 2 baths ∙ 1,156 Sqft ∙ Built 2000 3 beds 2 baths ∙ 1,156 Sqft ∙ Built 2000
    property image
    LEASED 03/20/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,195
    • $1.03
    •  
  • 927 Harbour View Cove Kannapolis, NC 5
    • 3 beds 2 baths ∙ 1,255 Sqft ∙ Built 2005 3 beds 2 baths ∙ 1,255 Sqft ∙ Built 2005
    property image
    LEASED 01/13/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,295
    • $1.03
    •  
PROPERTY LISTING DETAILS
Trent Corbin
1.704.628.4066
Keller Williams South Park
BESbswy