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509 Dodge Street Kannapolis, NC 28083

4 Beds 2 Baths 1,406 sqft Built 1941

$199,000

List Price

$1,380

$1.2K - $1.5K

Rent Est.

PROPERTY INFO

November 27, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1941
  • Price/Sqft : $141.54
  • 4 Days on Market
  • MLS # : 3686858
  • Updated Date : 11/28/2020 at 12:48
CONSTRUCTION
  • Beds : 4
  • Floor Size : 1,406 sqft
  • Baths : 2 full
Listing Agent

Re/max Executive

Listing Agent's Description

Amazing and hard to find 4 bedroom-corner lot home close to all the action! enjoy the easy access from two different streets with a HUMONGOUS driveway that wraps around the property! Minutes away from the research center, concord, and all the shopping near the main strip and a short drive to the revamped exit 29/I-85. This amazing home is only waiting for you. Move right in and don't lift a finger, it has been lovingly restored, new roof, most windows, HVAC, Granite, floors and paint. Book your appointment now, call the listing agent for any questions!

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: Car Town

NeighborhoodNIR Market*CityMarket2010Year2000201960k80k100k120k140k160k180k200kPrice in $50k213k

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

Neighborhood: Car Town

NeighborhoodNIR Market*CityMarket2010Year20002019 Q26007008009001000110012001300Rent in $5081375

* 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
 

$179,100$218,900$199,000

PURCHASE PRICE

$1,242$1,518$1,380

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,380
EXPENSES Loan Payment -$734
Property Tax -$169
Property Insurance -$54
Property Management Fees -$124
CASH FLOW
$299

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.

$199,000

PROJECTED PRICE

$1,380

PROJECTED RENT

0.69%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.94%
Appreciation Year (1-5) 8.1%
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

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$58,485

INVESTMENT

$58,485

Down Payment
$49,750
Rehab Estimate
$5,750
Closing Costs
$2,985

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 25% down payment or higher enables the proceeds from the asset to cover all costs.

$734

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $49,750
Loan Amount $149,250
See What Happens When You Reinvest Cash Flow

11.67

YEARS SAVED

$43,035

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,380

    LIST RENT
  • $0.98

    LIST RENT PER SQFT
  • $1,334

    COMP ESTIMATED VALUE
  • $0.95

    COMP AVG. RENT PER SQFT
Comps Range
$1,295
1$1,2952$1,3003$1,3504$1,3755$1,380
$1,380
RENT COMPS ANALYSIS
  • 509 Dodge Street Kannapolis, NC 5
    • 4 beds 2 baths ∙ 1,412 Sqft ∙ Built 1941 4 beds 2 baths ∙ 1,412 Sqft ∙ Built 1941
    • Rent
    • Rent Per SQFT
    •  
    • $1,380
    • $0.98
    •  
  • 311 Pineview Street Kannapolis, NC 1
    • 4 beds 2 baths ∙ 1,429 Sqft ∙ Built 1930 4 beds 2 baths ∙ 1,429 Sqft ∙ Built 1930
    LEASED 11/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,295
    • $0.91
    •  
  • 607 Bethpage Road Kannapolis, NC 2
    • 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
    •  
  • 301 York Avenue Kannapolis, NC 3
    • 3 beds 2 baths ∙ 1,331 Sqft ∙ Built 3 beds 2 baths ∙ 1,331 Sqft ∙ Built
    LEASED 02/16/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,350
    • $1.01
    •  
  • 1219 1st Street Kannapolis, NC 4
    • 3 beds 2 baths ∙ 1,400 Sqft ∙ Built 1940 3 beds 2 baths ∙ 1,400 Sqft ∙ Built 1940
    LEASED 04/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,375
    • $0.98
    •  
PROPERTY LISTING DETAILS
Paul Gomez
1.704.779.9243
Re/max Executive
BESbswy