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3633 Glenview Avenue Kannapolis, NC 28081

5 Beds 3 Baths 2,745 sqft Built 2021

$359,900

List Price

$1,840

$1.7K - $2K

Rent Est.

PROPERTY INFO

Built 2021 NEW CONSTRUCTION
January 04, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2021
  • Price/Sqft : $131.11
  • 7 Days on Market
  • MLS # : 3695246
  • Updated Date : 01/05/2021 at 16:59
CONSTRUCTION
  • Beds : 5
  • Floor Size : 2,745 sqft
  • Baths : 3 full
Listing Agent

Meritage Homes Of The Carolina

Listing Agent's Description

Brand NEW energy-efficient home ready April 2021! The Chastain features a charming back patio, versatile flex spaces, and impressive primary suite that boasts 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.

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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
 

$323,910$395,890$359,900

PURCHASE PRICE

$1,656$2,024$1,840

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,840
EXPENSES Loan Payment -$1,250
Property Tax -$304
Property Insurance -$79
HOA -$84
Property Management Fees -$119
CASH FLOW
$4

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.

$359,900

PROJECTED PRICE

$1,840

PROJECTED RENT

0.51%

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$200k$400k$600k$800k$1.0M

PROJECTED ANNUAL CASH FLOW

11530-$2.0k$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$200k$400k$600k$800k$1.0M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$97,374

INVESTMENT

$97,374

Down Payment
$89,975
Rehab Estimate
$2,000
Closing Costs
$5,399

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 40% down payment or higher enables the proceeds from the asset to cover all costs.

$1,250

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $89,975
Loan Amount $269,925
See What Happens When You Reinvest Cash Flow

5.08

YEARS SAVED

$18,727

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,840

    LIST RENT
  • $0.67

    LIST RENT PER SQFT
  • $1,798

    COMP ESTIMATED VALUE
  • $0.66

    COMP AVG. RENT PER SQFT
Comps Range
$1,695
1$1,6952$1,8403$1,850
$1,850
RENT COMPS ANALYSIS
  • 3633 Glenview Avenue Kannapolis, NC 2
    • 5 beds 3 baths ∙ 2,745 Sqft ∙ Built 2021 5 beds 3 baths ∙ 2,745 Sqft ∙ Built 2021
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,840
    • $0.67
    •  
  • 1625 Matthew Allen Circle Kannapolis, NC 1
    • 5 beds 3 baths ∙ 2,782 Sqft ∙ Built 2006 5 beds 3 baths ∙ 2,782 Sqft ∙ Built 2006
    property image
    LEASED 07/29/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,695
    • $0.61
    •  
  • 1220 Windsor Drive Kannapolis, NC 3
    • 4 beds 2 baths ∙ 2,635 Sqft ∙ Built 2018 4 beds 2 baths ∙ 2,635 Sqft ∙ Built 2018
    property image
    LEASED 10/02/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,850
    • $0.70
    •  
PROPERTY LISTING DETAILS
Jimmy Mcclurg
1.704.969.0153
Meritage Homes Of The Carolina
BESbswy