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3708 Glenview Avenue Kannapolis, NC 28081

5 Beds 3 Baths 2,745 sqft Built 2021

$428,490

List Price

$2,830

$2.6K - $3.1K

Rent Est.

PROPERTY INFO

Built 2021 NEW CONSTRUCTION
SINGLE-FAMILY
July 12, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2021
  • Price/Sqft : $156.10
  • 2 Days on Market
  • MLS # : CAR3757771
  • Updated Date : 07/12/2021 at 19:44
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 September 2021! Chastain plan's charming back patio, versatile flex spaces, and impressive primary suite that boasts dual sinks and walk-in closet. Linen cabinets, white/grey granite countertops, brown/grey EVP flooring and multi-tone carpet in our Elemental 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 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

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
 

$385,641$471,339$428,490

PURCHASE PRICE

$2,547$3,113$2,830

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,830
EXPENSES Loan Payment -$1,488
Property Tax -$364
Property Insurance -$79
HOA -$154
Property Management Fees -$119
CASH FLOW
$626

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.

$428,490

PROJECTED PRICE

$2,830

PROJECTED RENT

0.66%

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$1.2M$1.4M$1.6M

PROJECTED ANNUAL CASH FLOW

11530$0.0$5.0k$10k$15k$20k$25k$30k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k$1.0M$1.2M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$115,550

INVESTMENT

$115,550

Down Payment
$107,123
Rehab Estimate
$2,000
Closing Costs
$6,427

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 20% down payment or higher enables the proceeds from the asset to cover all costs.

$1,488

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $107,123
Loan Amount $321,368
See What Happens When You Reinvest Cash Flow

12.67

YEARS SAVED

$89,678

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,830

    LIST RENT
  • $1.03

    LIST RENT PER SQFT
  • $2,718

    COMP ESTIMATED VALUE
  • $0.99

    COMP AVG. RENT PER SQFT
Comps Range
$2,500
1$2,5002$2,830
$2,830
RENT COMPS ANALYSIS
  • 3708 Glenview Avenue Kannapolis, NC 2
    • 5 beds 3 baths ∙ 2,745 Sqft ∙ Built 2021 5 beds 3 baths ∙ 2,745 Sqft ∙ Built 2021
    • Rent
    • Rent Per SQFT
    •  
    • $2,830
    • $1.03
    •  
  • 4867 Durneigh Drive Kannapolis, NC 1
    • 4 beds 3 baths ∙ 2,522 Sqft ∙ Built 2021 4 beds 3 baths ∙ 2,522 Sqft ∙ Built 2021
    LEASED 06/07/21
    • Rent
    • Rent Per SQFT
    •  
    • $2,500
    • $0.99
    •  
PROPERTY LISTING DETAILS
Jimmy Mcclurg
1.704.969.0153
Meritage Homes Of The Carolina
BESbswy