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921 Anchor Way Ne Kannapolis, NC 28083

3 Beds 2 Baths 1,448 sqft Built 2003

$169,000

List Price

$1,300

$1.2K - $1.4K

Rent Est.

PROPERTY INFO

November 15, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2003
  • Price/Sqft : $116.71
  • 4 Days on Market
  • MLS # : 3680614
  • Updated Date : 11/15/2020 at 00:05
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,448 sqft
  • Baths : 2 full
Listing Agent

Nest Realty

Listing Agent's Description

This nicely updated 3 bedroom/2 bath ranch has new interior paint, new carpet, new deck and a new fence. Garage, with exterior door access, has been converted into a heated living space that has endless possibilities - bonus/rec room, exercise room, playroom, office, and/or E-Learning/homeschool room. Gas fireplace in great room, walk in closets and full size laundry room. Shed for extra storage will remain. Enjoy being in close proximity to I-85 and Kannapolis and its newly revitalized downtown with restaurants, shopping and the Kannapolis Intimidators ball park.

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: Harbour Towne

NeighborhoodNIR Market*CityMarket2010Year2000201980k90k100k110k120k130k140k150k160k170k180k190k200k210kPrice in $71k213k

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

Neighborhood: Harbour Towne

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
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
 

$152,100$185,900$169,000

PURCHASE PRICE

$1,170$1,430$1,300

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,300
EXPENSES Loan Payment -$624
Property Tax -$179
Property Insurance -$54
HOA -$7
Property Management Fees -$117
CASH FLOW
$320

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.

$169,000

PROJECTED PRICE

$1,300

PROJECTED RENT

0.77%

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

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$50,535

INVESTMENT

$50,535

Down Payment
$42,250
Rehab Estimate
$5,750
Closing Costs
$2,535

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$624

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $42,250
Loan Amount $126,750
See What Happens When You Reinvest Cash Flow

13.17

YEARS SAVED

$41,694

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,300

    LIST RENT
  • $0.9

    LIST RENT PER SQFT
  • $1,358

    COMP ESTIMATED VALUE
  • $0.94

    COMP AVG. RENT PER SQFT
Comps Range
$1,295
1$1,2952$1,2953$1,3004$1,3505$2,000
$2,000
RENT COMPS ANALYSIS
  • 921 Anchor Way Ne Kannapolis, NC 3
    • 3 beds 2 baths ∙ 1,448 Sqft ∙ Built 2003 3 beds 2 baths ∙ 1,448 Sqft ∙ Built 2003
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,300
    • $0.90
    •  
  • 210 Forest Pond Road Kannapolis, NC 1
    • 3 beds 3 baths ∙ 1,460 Sqft ∙ Built 1995 3 beds 3 baths ∙ 1,460 Sqft ∙ Built 1995
    property image
    LEASED 01/07/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,295
    • $0.89
    •  
  • 2655 Captains Watch Road Kannapolis, NC 2
    • 3 beds 2 baths ∙ 1,280 Sqft ∙ Built 2005 3 beds 2 baths ∙ 1,280 Sqft ∙ Built 2005
    property image
    LEASED 10/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,295
    • $1.01
    •  
  • 2596 Captains Watch Road Kannapolis, NC 4
    • 3 beds 3 baths ∙ 1,496 Sqft ∙ Built 2006 3 beds 3 baths ∙ 1,496 Sqft ∙ Built 2006
    property image
    LEASED 04/02/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,350
    • $0.90
    •  
  • 2267 Denwood Street Kannapolis, NC 5
    • 3 beds 2 baths ∙ 1,317 Sqft ∙ Built 1975 3 beds 2 baths ∙ 1,317 Sqft ∙ Built 1975
    property image
    LEASED 11/26/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,000
    • $1.52
    •  
PROPERTY LISTING DETAILS
Daphne King
1.704.674.6694
Nest Realty
BESbswy