8XX Fairview St, Kannapolis, NC Available

  • $100,000
  • 3 beds
  • 1 baths
  • 1335 sqft

To discuss this property, please call/text us at: 704-269-4399

 

DO NOT DISTURB THE TENANT. SHOWINGS ONLY WITH MISSION HOME BUYERS.

Information

This single family home is zoned C-2 Commercial and sits on 0.59 acres next to newer commercial developments (Aldi, KFC, Dominos, etc). It is located just 1.7 miles from the North Carolina Research Campus ($100 Million Food Science Research campus for institutes and startups) and downtown Kannapolis. If you haven’t heard, Kannapolis is undergoing a $300M redevelopment project with a renovated downtown, brand new Armory Brewery, Gem Theatre, new baseball stadium, luxury apartments, boutique restaurants and retail are 4 minutes away from this property. You can see the redevelopment progress here.

Renovated property prices near this property have been shooting through the roof ($190,000+) with the flood of high paying jobs coming to the area.

 

 

This property is currently tenant occupied but will be delivered vacant to the buyer.

 

Property Details:

  • Commercial C-2 Zoning
  • 3 Bedrooms & 1 Bathrooms
  • 1335 Square Feet
  • Large Front Porch
  • 0.59 Acres
  • Property will be delivered vacant

 

The property is in good condition and could use your typical cosmetic updating. Depending on what you wanted to do with the property, you could also consider replacing the roof or upgrading to central HVAC (it has existing ductwork).

 

Rental and Sale Comps:

The comps for this property are $150,000-$190,000 within 0.75 miles of the property. 4/5 of them are smaller houses. The house on 411 Ford St sold for $164,000 with a 2/1 and 1,124 sq ft. The cheaper renovated comp (800 Cadillac St) sold in 7 days $151,000 and was 200 sq ft smaller.

We believe this house could sell for an equal price of $160,000-$170,000.

We believe that the rent this house could command is between $1,200-$1,300/mo. I own a 3/1 very close by on James St that is getting $1,300/mo. My rental is in a rougher neighborhood and is 150 sq ft smaller.

 

Click here to see Pictures & Full length Video

Click here to see the Bigger Pockets Flip Analysis

Click here to see the Bigger Pockets Rental Analysis

Click here to see the MLS Comps

 

Financial/Closing/Rental Information

Starting Price:  $90,000+
BUY IT NOW PRICE: $100,000 (No other showings or competing bids)
Flip Rehab Estimate:  $30,000
Rental Rehab Estimate:  $12,000
ARV:  $160,000-$170,000 (Click Here To See MLS Comps)
Flip Profit: $25,000 (Bigger Pockets Flip Analysis)
Rental Returns at $1200/mo: 20% Cash on Cash Return with room to increase rents to $1300. I own a similar rental (mine is a smaller 3/1 and in a rougher area) within .5 miles getting $1,300/mo (Rental Analysis)
Requirements: Funding secured, Deposit, & Close in 10 days through Southern Law Group

Closing Date:  On or before February 10th, 2020

Closing Attorney:  Southern Law Group

Non-Refundable Deposit: $4,000 sent to Southern Law Group. Refundable only if seller can’t perform within 45 days of closing date

 

To discuss this property, please call/text us at: 704-269-4399

Price:
$100,000
Address:
8XX Fairview St
Kannapolis, NC 28083
Square Feet:
1335
Lot Size:
0.59 Acres
Bedrooms:
3
Bathrooms:
1
Terms:
Assignment of Contract
Property Type:
Commercial

Additional Features

Zoned C-2 (Commercial Zoning)

Call (980) 533-4950 for more details

Property Location