Work with a dedicated Real Estate Advisor who will take your financial preferences and help you select and acquire properties that fit your criteria. Learn more

906 Mt Olivet Road Kannapolis, NC 28083

3 Beds 1 Baths 1,230 sqft Built 1950

$150,000

List Price

$1,150

$1K - $1.3K

Rent Est.

PROPERTY INFO

80% chance this property will be sold within the next 20 days HOT INVESTMENT
SINGLE-FAMILY
February 19, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1950
  • Price/Sqft : $121.95
  • 4 Days on Market
  • MLS # : 3709511
  • Updated Date : 02/19/2021 at 09:24
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,230 sqft
  • Baths : 1 full
Listing Agent

Maultsby Realty Group

Listing Agent's Description

Here is your cute Bungalow with all the charm and character of the 50's. Original hardwoods everywhere. Low maintenance vinyl exterior. Great location and backyard. Outdoor storage building. Large carport with storage. Arch doorways, vintage lighting, and original hardwood floors add so much character and charm. Newer HVAC, 2016 hot water heater, roof approximately 10 years old, windows have been replaced, leaf guard gutter system. Upstairs has a heating and air vent. Home sold "as is"

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • 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)

PRICE & RENT TRENDS

Zip Code: 28083

ZipNIR Market*CityMarket2010Year2000201970k80k90k100k110k120k130k140k150k160k170k180k190k200k210kPrice in $67k213k

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

Zip Code: 28083

ZipNIR Market*CityMarket2010Year20002019 Q26007008009001000110012001300Rent in $5921375

* 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
Royal Oaks Elementary School Primary Regular 320 20 2
Concord Middle School Middle Regular 922 62 2
Concord High School High Regular 1,252 79 3

Royal Oaks Elementary School

  • Education Level: Primary
  • # of students: 320
  • # of teachers: 20
2
GreatSchools Rating

Concord Middle School

  • Education Level: Middle
  • # of students: 922
  • # of teachers: 62
2
GreatSchools Rating

Concord High School

  • Education Level: High
  • # of students: 1,252
  • # of teachers: 79
3
GreatSchools Rating
 

$135,000$165,000$150,000

PURCHASE PRICE

$1,035$1,265$1,150

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,150
EXPENSES Loan Payment -$521
Property Tax -$132
Property Insurance -$50
Property Management Fees -$119
CASH FLOW
$328

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.

$150,000

PROJECTED PRICE

$1,150

PROJECTED RENT

0.77%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.94%
Appreciation Year (1-5) 7.8%
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$45,500

INVESTMENT

$45,500

Down Payment
$37,500
Rehab Estimate
$5,750
Closing Costs
$2,250

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$521

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $37,500
Loan Amount $112,500
See What Happens When You Reinvest Cash Flow

14.67

YEARS SAVED

$36,491

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,150

    LIST RENT
  • $0.93

    LIST RENT PER SQFT
  • $1,199

    COMP ESTIMATED VALUE
  • $0.98

    COMP AVG. RENT PER SQFT
Comps Range
$1,150
1$1,1502$1,1993$1,2504$1,2995$1,395
$1,395
RENT COMPS ANALYSIS
  • 906 Mt Olivet Road Kannapolis, NC 1
    • 3 beds 1 baths ∙ 1,230 Sqft ∙ Built 1950 3 beds 1 baths ∙ 1,230 Sqft ∙ Built 1950
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,150
    • $0.93
    •  
  • 2897 Shady Lane Avenue Concord, NC 2
    • 3 beds 2 baths ∙ 1,230 Sqft ∙ Built 2004 3 beds 2 baths ∙ 1,230 Sqft ∙ Built 2004
    property image
    LEASED 03/24/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,199
    • $0.97
    •  
  • 2210 Florida Avenue Kannapolis, NC 3
    • 3 beds 2 baths ∙ 1,328 Sqft ∙ Built 1947 3 beds 2 baths ∙ 1,328 Sqft ∙ Built 1947
    property image
    LEASED 06/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,250
    • $0.94
    •  
  • 2627 Brodie Court Kannapolis, NC 4
    • 3 beds 2 baths ∙ 1,301 Sqft ∙ Built 2000 3 beds 2 baths ∙ 1,301 Sqft ∙ Built 2000
    property image
    LEASED 04/02/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,299
    • $1.00
    •  
  • 110 Ashmont Drive Kannapolis, NC 5
    • 3 beds 3 baths ∙ 1,411 Sqft ∙ Built 2001 3 beds 3 baths ∙ 1,411 Sqft ∙ Built 2001
    property image
    LEASED 07/13/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,395
    • $0.99
    •  
PROPERTY LISTING DETAILS
Laura Maultsby
1.704.241.8727
Maultsby Realty Group
1.866.250.5610
Carolina Multiple Listing Services ( Carolina)
MLS #: 3709511
Last Updated: 02/19/2021
BESbswy