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315 Lower Pond Road Kannapolis, NC 28083

4 Beds 3 Baths 1,760 sqft Built 1994

$252,000

List Price

$1,560

$1.4K - $1.7K

Rent Est.

PROPERTY INFO

December 12, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1994
  • Price/Sqft : $143.18
  • 3 Days on Market
  • MLS # : 3687110
  • Updated Date : 12/11/2020 at 21:38
CONSTRUCTION
  • Beds : 4
  • Floor Size : 1,760 sqft
  • Baths : 2 full , 1 half
Listing Agent

Opendoor Brokerage Llc

Listing Agent's Description

This Kannapolis two-story home offers a patio and a two-car garage. This home is vacant and cleaned regularly.

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: Beaver Pond

NeighborhoodNIR Market*CityMarket2010Year2000201980k90k100k110k120k130k140k150k160k170k180k190k200k210kPrice in $71k213k

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

Neighborhood: Beaver Pond

NeighborhoodNIR Market*CityMarket2010Year20002019 Q270080090010001100120013001400Rent in $6251430

* 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
 

$226,800$277,200$252,000

PURCHASE PRICE

$1,404$1,716$1,560

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,560
EXPENSES Loan Payment -$930
Property Tax -$214
Property Insurance -$60
HOA -$15
Property Management Fees -$119
CASH FLOW
$222

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.

$252,000

PROJECTED PRICE

$1,560

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$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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$72,530

INVESTMENT

$72,530

Down Payment
$63,000
Rehab Estimate
$5,750
Closing Costs
$3,780

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$930

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $63,000
Loan Amount $189,000
See What Happens When You Reinvest Cash Flow

9.67

YEARS SAVED

$40,848

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,560

    LIST RENT
  • $0.89

    LIST RENT PER SQFT
  • $1,500

    COMP ESTIMATED VALUE
  • $0.85

    COMP AVG. RENT PER SQFT
Comps Range
$1,295
1$1,2952$1,2953$1,3004$1,3755$1,560
$1,560
RENT COMPS ANALYSIS
  • 315 Lower Pond Road Kannapolis, NC 5
    • 4 beds 3 baths ∙ 1,760 Sqft ∙ Built 1994 4 beds 3 baths ∙ 1,760 Sqft ∙ Built 1994
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,560
    • $0.89
    •  
  • 210 Forest Pond Road Kannapolis, NC 1
    • 3 beds 3 baths ∙ 1,460 Sqft ∙ Built 1995 3 beds 3 baths ∙ 1,460 Sqft ∙ Built 1995
    property image
    LEASED 01/07/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,295
    • $0.89
    •  
  • 858 Anchor Way Kannapolis, NC 2
    • 3 beds 3 baths ∙ 1,650 Sqft ∙ Built 2002 3 beds 3 baths ∙ 1,650 Sqft ∙ Built 2002
    property image
    LEASED 04/17/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,295
    • $0.78
    •  
  • 1271 Midlake Road Kannapolis, NC 3
    • 3 beds 3 baths ∙ 1,460 Sqft ∙ Built 1996 3 beds 3 baths ∙ 1,460 Sqft ∙ Built 1996
    property image
    LEASED 03/06/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,300
    • $0.89
    •  
  • 243 Summit Park Court Kannapolis, NC 4
    • 3 beds 2 baths ∙ 1,617 Sqft ∙ Built 2005 3 beds 2 baths ∙ 1,617 Sqft ∙ Built 2005
    property image
    LEASED 05/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,375
    • $0.85
    •  
PROPERTY LISTING DETAILS
Verria Hairston
1.704.751.0133
Opendoor Brokerage Llc
BESbswy