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3517 Glenview Avenue Kannapolis, NC 28081

3 Beds 2 Baths 1,591 sqft Built 2020

$306,900

List Price

$1,460

$1.3K - $1.6K

Rent Est.

PROPERTY INFO

Built 2020 NEW CONSTRUCTION
FACTS
  • Single Family
  • Built In 2020
  • Price/Sqft : $192.90
  • 35 Days on Market
  • MLS # : 3689299
  • Updated Date : 01/05/2021 at 17:00
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,591 sqft
  • Baths : 2 full
Listing Agent

Meritage Homes Of The Carolina

Listing Agent's Description

Brand NEW energy-efficient home ready February 2021! Prepare dinner in the Berkshire plan open-concept kitchen and great room. The primary suite offers dual sinks and walk-in closet. Linen cabinets, smoky grey granite countertops, grey cool tone EVP flooring, and textured carpet in our Cool package. Kellswater Bridge is a community like no other, with timeless southern architecture and unparalleled amenities including residents club with resort-style lagoon/lap pool featuring a slide and more, tennis courts, basketball and volleyball courts, covered picnic area, playground and many landscaped common areas. Known for their energy saving features, our homes help you live a healthier and quieter lifestyle, while saving you thousands of dollars on utility bills.

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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: 28081

ZipNIR Market*CityMarket2010Year2000201980k90k100k110k120k130k140k150k160k170k180k190k200k210kPrice in $71k213k

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

Zip Code: 28081

ZipNIR 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
Charles E. Boger Elementary School Primary Regular 803 49 4
Northwest Cabarrus Middle School Middle Regular 905 58 4
Northwest Cabarrus High School High Regular 1,198 72 3

Charles E. Boger Elementary School

  • Education Level: Primary
  • # of students: 803
  • # of teachers: 49
4
GreatSchools Rating

Northwest Cabarrus Middle School

  • Education Level: Middle
  • # of students: 905
  • # of teachers: 58
4
GreatSchools Rating

Northwest Cabarrus High School

  • Education Level: High
  • # of students: 1,198
  • # of teachers: 72
3
GreatSchools Rating
 

$276,210$337,590$306,900

PURCHASE PRICE

$1,314$1,606$1,460

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,460
EXPENSES Loan Payment -$1,066
Property Tax -$259
Property Insurance -$57
HOA -$84
Property Management Fees -$119
CASH FLOW
-$125

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 9% of earned rent to cover both maintenance and periods of vacancy.

$306,900

PROJECTED PRICE

$1,460

PROJECTED RENT

0.48%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.94%
Appreciation Year (1-5) 5.7%
Maintenance Year (1-5) 3.00%
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$900k

PROJECTED ANNUAL CASH FLOW

11530-$2.0k$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$700k$800k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$83,329

INVESTMENT

$83,329

Down Payment
$76,725
Rehab Estimate
$2,000
Closing Costs
$4,604

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 50% down payment or higher enables the proceeds from the asset to cover all costs.

$1,066

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $76,725
Loan Amount $230,175
See What Happens When You Reinvest Cash Flow

3.08

YEARS SAVED

$7,517

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,460

    LIST RENT
  • $0.92

    LIST RENT PER SQFT
  • $1,448

    COMP ESTIMATED VALUE
  • $0.91

    COMP AVG. RENT PER SQFT
Comps Range
$1,095
1$1,0952$1,3493$1,3954$1,4605$1,475
$1,475
RENT COMPS ANALYSIS
  • 3517 Glenview Avenue Kannapolis, NC 4
    • 3 beds 2 baths ∙ 1,591 Sqft ∙ Built 2020 3 beds 2 baths ∙ 1,591 Sqft ∙ Built 2020
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,460
    • $0.92
    •  
  • 709 Margate Avenue Kannapolis, NC 1
    • 3 beds 1 baths ∙ 1,250 Sqft ∙ Built 1948 3 beds 1 baths ∙ 1,250 Sqft ∙ Built 1948
    property image
    LEASED 09/09/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,095
    • $0.88
    •  
  • 941 Lynnview Court Kannapolis, NC 2
    • 3 beds 2 baths ∙ 1,356 Sqft ∙ Built 2002 3 beds 2 baths ∙ 1,356 Sqft ∙ Built 2002
    property image
    LEASED 11/06/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,349
    • $0.99
    •  
  • 916 Victoria Avenue Kannapolis, NC 3
    • 3 beds 2 baths ∙ 1,560 Sqft ∙ Built 3 beds 2 baths ∙ 1,560 Sqft ∙ Built
    property image
    LEASED 05/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,395
    • $0.89
    •  
  • 918 Victoria Avenue Kannapolis, NC 5
    • 3 beds 3 baths ∙ 1,670 Sqft ∙ Built 3 beds 3 baths ∙ 1,670 Sqft ∙ Built
    property image
    LEASED 05/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,475
    • $0.88
    •  
PROPERTY LISTING DETAILS
Jimmy Mcclurg
1.704.969.0153
Meritage Homes Of The Carolina
BESbswy