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405 Walker Street Kannapolis, NC 28081

3 Beds 2 Baths 1,453 sqft Built 1993

$259,000

List Price

$1,420

$1.3K - $1.6K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
March 05, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1993
  • Price/Sqft : $178.25
  • 3 Days on Market
  • MLS # : 3715080
  • Updated Date : 03/06/2021 at 09:17
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,453 sqft
  • Baths : 2 full
Listing Agent

Kannapolis Real Estate Agency

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: Midway West

NeighborhoodNIR Market*CityMarket2010Year2000201970k80k90k100k110k120k130k140k150k160k170k180k190k200k210kPrice in $69k213k

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

Neighborhood: Midway West

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
Shady Brook Elementary School Primary Regular 418 28 6
Al. Brown High School High Regular 1,475 100 2

Shady Brook Elementary School

  • Education Level: Primary
  • # of students: 418
  • # of teachers: 28
6
GreatSchools Rating

Al. Brown High School

  • Education Level: High
  • # of students: 1,475
  • # of teachers: 100
2
GreatSchools Rating
 

$233,100$284,900$259,000

PURCHASE PRICE

$1,278$1,562$1,420

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,420
EXPENSES Loan Payment -$900
Property Tax -$220
Property Insurance -$59
Property Management Fees -$119
CASH FLOW
$122

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.

$259,000

PROJECTED PRICE

$1,420

PROJECTED RENT

0.55%

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) 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$900k

PROJECTED ANNUAL CASH FLOW

11530$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k$14k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$100k$200k$300k$400k$500k$600k$700k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$74,385

INVESTMENT

$74,385

Down Payment
$64,750
Rehab Estimate
$5,750
Closing Costs
$3,885

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$900

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $64,750
Loan Amount $194,250
See What Happens When You Reinvest Cash Flow

7.58

YEARS SAVED

$25,012

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,420

    LIST RENT
  • $0.84

    LIST RENT PER SQFT
  • $1,518

    COMP ESTIMATED VALUE
  • $0.9

    COMP AVG. RENT PER SQFT
Comps Range
$1,300
1$1,3002$1,3953$1,3954$1,4205$1,475
$1,475
RENT COMPS ANALYSIS
  • 405 Walker Street Kannapolis, NC 4
    • 3 beds 2 baths ∙ 1,696 Sqft ∙ Built 1993 3 beds 2 baths ∙ 1,696 Sqft ∙ Built 1993
    • Rent
    • Rent Per SQFT
    •  
    • $1,420
    • $0.84
    •  
  • 607 Bethpage Road Kannapolis, NC 1
    • 3 beds 2 baths ∙ 1,473 Sqft ∙ Built 1932 3 beds 2 baths ∙ 1,473 Sqft ∙ Built 1932
    LEASED 05/19/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,300
    • $0.88
    •  
  • 916 Victoria Avenue Kannapolis, NC 2
    • 3 beds 2 baths ∙ 1,560 Sqft ∙ Built 3 beds 2 baths ∙ 1,560 Sqft ∙ Built
    LEASED 05/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,395
    • $0.89
    •  
  • 1445 Matthew Allen Circle Kannapolis, NC 3
    • 3 beds 3 baths ∙ 1,496 Sqft ∙ Built 2004 3 beds 3 baths ∙ 1,496 Sqft ∙ Built 2004
    LEASED 09/11/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,395
    • $0.93
    •  
  • 918 Victoria Avenue Kannapolis, NC 5
    • 3 beds 3 baths ∙ 1,670 Sqft ∙ Built 3 beds 3 baths ∙ 1,670 Sqft ∙ Built
    LEASED 05/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,475
    • $0.88
    •  
PROPERTY LISTING DETAILS
Tony Sherrill
1.704.425.4453
Kannapolis Real Estate Agency
1.866.250.5610
Carolina Multiple Listing Services ( Carolina)
MLS #: 3715080
Last Updated: 03/06/2021
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