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810 Walker Street Kannapolis, NC 28081

3 Beds 2 Baths 1,372 sqft Built 1948

$181,900

List Price

$1,220

$1.1K - $1.3K

Rent Est.

PROPERTY INFO

80% chance this property will be sold within the next 20 days HOT INVESTMENT
December 05, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1948
  • Price/Sqft : $132.58
  • 3 Days on Market
  • MLS # : 3688921
  • Updated Date : 12/04/2020 at 19:47
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,372 sqft
  • Baths : 2 full
Listing Agent

Jones Property Management & Realty Inc

Listing Agent's Description

Hone has a lot of potential, need TLC. New roof in 2020, Double pane window, fenced back yard. Single car garage with opener, shop/storage building with electricity. Owner said hardwood floor under some of the carpets. Property being sold "AS IS"

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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

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
 

$163,710$200,090$181,900

PURCHASE PRICE

$1,098$1,342$1,220

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,220
EXPENSES Loan Payment -$671
Property Tax -$154
Property Insurance -$53
Property Management Fees -$119
CASH FLOW
$222

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.

$181,900

PROJECTED PRICE

$1,220

PROJECTED RENT

0.67%

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

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$53,954

INVESTMENT

$53,954

Down Payment
$45,475
Rehab Estimate
$5,750
Closing Costs
$2,729

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 30% down payment or higher enables the proceeds from the asset to cover all costs.

$671

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $45,475
Loan Amount $136,425
See What Happens When You Reinvest Cash Flow

11.42

YEARS SAVED

$36,864

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,220

    LIST RENT
  • $0.89

    LIST RENT PER SQFT
  • $1,255

    COMP ESTIMATED VALUE
  • $0.91

    COMP AVG. RENT PER SQFT
Comps Range
$1,095
1$1,0952$1,2203$1,2494$1,3005$1,395
$1,395
RENT COMPS ANALYSIS
  • 810 Walker Street Kannapolis, NC 2
    • 3 beds 2 baths ∙ 1,372 Sqft ∙ Built 1948 3 beds 2 baths ∙ 1,372 Sqft ∙ Built 1948
    • Rent
    • Rent Per SQFT
    •  
    • $1,220
    • $0.89
    •  
  • 709 Margate Avenue Kannapolis, NC 1
    • 3 beds 1 baths ∙ 1,250 Sqft ∙ Built 1948 3 beds 1 baths ∙ 1,250 Sqft ∙ Built 1948
    LEASED 09/09/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,095
    • $0.88
    •  
  • 708 Deaton Street Charlotte, NC 3
    • 3 beds 2 baths ∙ 1,232 Sqft ∙ Built 3 beds 2 baths ∙ 1,232 Sqft ∙ Built
    LEASED 04/30/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,249
    • $1.01
    •  
  • 607 Bethpage Road Kannapolis, NC 4
    • 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 5
    • 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
    •  
PROPERTY LISTING DETAILS
Rebecca Jones
1.704.857.7355
Jones Property Management & Realty Inc
BESbswy