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5102 Athens Street Kannapolis, NC 28081

2 Beds 1 Baths 888 sqft Built 1941

$175,000

List Price

$900

$810 - $990

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
July 12, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1941
  • Price/Sqft : $197.07
  • 2 Days on Market
  • MLS # : CAR3753774
  • Updated Date : 07/12/2021 at 17:00
CONSTRUCTION
  • Beds : 2
  • Floor Size : 888 sqft
  • Baths : 1 full
Listing Agent

Paola Alban, Realtors

Listing Agent's Description

Cozy two bedrooms and 1 bath house in the heart of Kannapolis!! Investors....house is being rented as an Airbnb, this is a great opportunity to make good profit. This well maintained house is waiting for you, close to major shopping centers and I-85 hwy. A nice fenced spacious yard give you privacy while sitting on your patio. Do not miss this opportunity to view it!!!

SEE MORE

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

Neighborhood: Rainbow Drive

NeighborhoodNIR Market*CityMarket2010Year2000201960k80k100k120k140k160k180k200kPrice in $53k213k

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

Neighborhood: Rainbow Drive

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
Fred L Wilson Elementary School Primary Regular 399 29 3
Al. Brown High School High Regular 1,475 100 2

Fred L Wilson Elementary School

  • Education Level: Primary
  • # of students: 399
  • # of teachers: 29
3
GreatSchools Rating

Al. Brown High School

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

$157,500$192,500$175,000

PURCHASE PRICE

$810$990$900

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $900
EXPENSES Loan Payment -$608
Property Tax -$149
Property Insurance -$44
Property Management Fees -$119
CASH FLOW
-$19

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.

$175,000

PROJECTED PRICE

$900

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) 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

PROJECTED ANNUAL CASH FLOW

11530-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$52,125

INVESTMENT

$52,125

Down Payment
$43,750
Rehab Estimate
$5,750
Closing Costs
$2,625

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$608

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $43,750
Loan Amount $131,250
See What Happens When You Reinvest Cash Flow

4.92

YEARS SAVED

$8,425

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $900

    LIST RENT
  • $1.01

    LIST RENT PER SQFT
  • $835

    COMP ESTIMATED VALUE
  • $0.94

    COMP AVG. RENT PER SQFT
Comps Range
$825
1$8252$9003$9504$960
$960
RENT COMPS ANALYSIS
  • 5102 Athens Street Kannapolis, NC 2
    • 2 beds 1 baths ∙ 888 Sqft ∙ Built 1941 2 beds 1 baths ∙ 888 Sqft ∙ Built 1941
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $900
    • $1.01
    •  
  • 705 Rain Place Court Kannapolis, NC 1
    • 2 beds 1 baths ∙ 825 Sqft ∙ Built 2 beds 1 baths ∙ 825 Sqft ∙ Built
    property image
    LEASED 10/25/20
    • Rent
    • Rent Per SQFT
    •  
    • $825
    • $1.00
    •  
  • 100 Hemlock Avenue Kannapolis, NC 3
    • 2 beds 1 baths ∙ 1,110 Sqft ∙ Built 1950 2 beds 1 baths ∙ 1,110 Sqft ∙ Built 1950
    property image
    LEASED 02/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $950
    • $0.86
    •  
  • 804 Klondale Avenue Kannapolis, NC 4
    • 2 beds 1 baths ∙ 996 Sqft ∙ Built 1930 2 beds 1 baths ∙ 996 Sqft ∙ Built 1930
    property image
    LEASED 10/08/20
    • Rent
    • Rent Per SQFT
    •  
    • $960
    • $0.96
    •  
PROPERTY LISTING DETAILS
Emir Portanova
1.704.763.1852
Paola Alban, Realtors
BESbswy