402 Easy St · Kannapolis, NC 28027

$175,000

3 bd · 1.5 ba · 1,268 sqft · SingleFamily public records · 7 Days on market

Built 1940 0.43 ac lot Est $284k · 38% under

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Why this score? — see what drove the C grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +19.4/30.0
• ARV discount +15.0/15.0
• DSCR +6.1/10.0
• 1% rule +5.0/10.0
• Schools +4.7/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Make this charming 3 bedroom 1.5 bath your own. Nice wood cabinets and Eat-In bar in Kitchen. Master bedroom has a half bath and a huge walk in closet. Separate den and dining room. Covered front & side porches. Just under 1/2 acre lot with Mature trees. One car detached garage with small attached dog lot. Conveniently located near schools, medical facilities and grocery stores. Easy access to I-85. Cabarrus County Schools.

Key facts

• Generous size lot
• Outdoor space
• Above-ground pool

Tags

• ABOVE-GROUND POOL
• OUTDOOR SPACE
• GENEROUS SIZE LOT
• EASY ACCESS TO SHOPPING
• EASY ACCESS TO DINING
• EASY ACCESS TO ENTERTAINMENT

Property features AI

Finance

• Other: R4 zoning
• HOA & community: No HOA

Exterior

• Parking: Driveway; Detached garage (1 car)
• Utilities: City water; Public sewer; Electricity connected
• Home design: Single family residence; One story; Site-built; Vinyl exterior; Crawl space foundation; Facing unspecified
• Construction: Site-built construction; Vinyl siding; Crawl space foundation
• Exterior features: Covered side porch; Exterior storage; Shed(s); Above-ground private pool; Sloped lot; Gravel and paved road access; Publicly maintained road

Interior

• Kitchen: Dishwasher; Refrigerator; Kitchen island
• Bedrooms: 3 bedrooms on the main level
• Flooring: Wood
• Bathrooms: 1 full bath; 1 half bath
• Heating & cooling: Heat pump; Central air; Ceiling fans
• Interior features: Open floor plan; Kitchen island; Walk-in closets; 8 rooms total; Wood flooring; Family room fireplace
• Laundry & utility: Dedicated laundry room; Electric water heater

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $175k.

Deal economics

• At list price, monthly cash flow is $194 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $175k).
• Cap rate 7.6% vs local median 3.5% in Kannapolis — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 64/100 on livability (#354 in NC) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime B; Watch: employment D+, amenities F, commute F.
• Cabarrus County Schools (rural): math 54% / reading 55% proficiency, ranked #44 of 178 in NC (top 25%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Winecoff Elementary (math 23% / reading 27%, grade F, #1,101 of 1,410 statewide, top 79%, 774 students, 74% FRL); Northwest Cabarrus High (math 74% / reading 72%, grade B+, #100 of 535 statewide, top 19%, 1,138 students, 35% FRL) — zoned schools average 54% FRL vs 36% district-wide (18 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents soft (-0.2%/yr); 525 active listings in the ZIP; 26 comparable units currently listed for rent nearby; rentals leasing fast (median 14d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 2,485 units permitted in Cabarrus County in 2024 (677 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Cabarrus County population projected at +44% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• Only 7 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 7y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $120k; 46% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1940 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate wind risk, 22% chance of damaging wind over 30y; extreme-heat days projected 7→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $175,000

Questions for the listing agent

1. Built in 1940 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
4. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
5. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
6. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 1.00% ✓
• Cap rate: 7.62%
• Cash-on-cash: 4.75%
• DSCR: 1.21
• GRM: 8.3

CMA / ARV

• ARV (on-the-fly): $284,032
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
402 Easy St	0.00mi	3/1.5	1,250 (-1%)	0mo	$155,000	$124	98
2761 Thistle Brook Dr	0.26mi	3/2.0	1,299 (+2%)	4mo	$265,000	$204	79
401 Easy St	0.03mi	4/2.0 (+1)	1,376 (+8%)	9mo	$335,000	$243	70
2903 Linker Ave NW	0.24mi	2/2.0 (-1)	1,182 (-7%)	4mo	$185,000	$157	68
201 Easy St	0.23mi	3/2.0	1,166 (-8%)	9mo	$240,000	$206	66
224 Southaven Ct	0.58mi	3/2.0	1,262 (-0%)	5mo	$306,000	$242	65
277 Stewart St NW	0.56mi	3/2.5	1,270 (+0%)	9mo	$304,000	$239	63
257 Stewart St NW	0.58mi	3/2.0	1,291 (+2%)	8mo	$197,000	$153	61
809 Fisher St	0.60mi	3/2.0	1,243 (-2%)	10mo	$285,000	$229	59
107 Easy St	0.29mi	3/1.0	1,414 (+12%)	9mo	$240,000	$170	58
126 Ashmont Dr	0.73mi	4/2.0 (+1)	1,312 (+4%)	5mo	$300,000	$229	48
320 Courtland Ct	0.68mi	3/2.0	1,454 (+15%)	8mo	$325,000	$224	35

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -12.3%
• Equity multiple: 0.57×
• Total profit: $-21,115
• Equity at exit: $26,093

10-year hold

• IRR: -8.4%
• Equity multiple: 0.55×
• Total profit: $-22,239
• Equity at exit: $15,131

Cash invested: $49,000 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 85 Strongly Landlord-Friendly
• State North Carolina: 85 Strongly Landlord-Friendly · R+3
• County: — inherits STATE
• City: — inherits STATE

10-day notice; preempted; landlord-favorable but court speed varies.

Methodology + full state rankings →

ZIP-level market 28027

• Rents YoY: -0.2%
• Active inventory: 525
• Price-to-rent: 8.3×

Monthly cashflow live

• Estimated rent: $1,750 high
• Mortgage (P&I): −$918
• Tax from tax record: −$198 /mo · $2,375/yr
• Insurance: −$73
• HOA: −$0
• Vacancy / Maint / Mgmt: −$368
• Net cashflow: $194

Break-even live

Break-even rent $1,504

Max offer price $175,000

Occupancy floor 84%

Sensitivity live

Price	-10% $293	-5% $244	+0% $194	+5% $144	+10% $95
Rent	-10% $56	-5% $125	+0% $194	+5% $263	+10% $332
Rate	-1.0pp $282	-0.5pp $239	base $194	+0.5pp $149	+1.0pp $103

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $43,750
• Closing costs: $5,250
• Reserves months: —
• Total cash needed: —

Rent comps 26 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2631 Brodie Ct Kannapolis, NC	3.0	2.0	1344	$1,825	$1.36	13d	1	0.56mi
99 Piedmont Dr Kannapolis, NC	4.0	3.0	1752	$2,200	$1.26	24d	1	0.57mi
108 Newport Dr Kannapolis, NC	3.0	2.5	1825	$1,100	$0.60	21d	1	0.61mi
170 Emery Ave NW Concord, NC	1.0–2.0	1.0–2.0	800	$1,629	$2.04	2d	10	0.71mi
101 Three Mile Loop Kannapolis, NC	2.0–3.0	2.0	1307	$1,600	$1.22	5d	1	0.80mi
1100 Coopers Ridge Dr Kannapolis, NC	3.0	1.0–2.0	765	$1,495	$1.95	2d	25	0.83mi
281 Southcircle Dr NW Concord, NC	4.0	2.0	1817	$2,095	$1.15	24d	1	0.98mi
106 Elwood St Kannapolis, NC	3.0	3.0	1528	$2,018	$1.32	2d	1	1.06mi
1400 Oak Pond Pl NW Unit 5310 Concord, NC	2.0	2.0	1055	$1,200	$1.14	15d	1	1.06mi
1486 Kindred Cir NW Concord, NC	4.0	2.5	1591	$1,910	$1.20	4d	1	1.10mi
144 Aaron Pl NW Concord, NC	3.0	2.0	1334	$1,360	$1.02	24d	1	1.15mi
1415 Fairington Dr NW Concord, NC	1.0–2.0	1.0–2.0	808	$1,480	$1.83	13d	3	1.21mi
245 Country Club Dr NE #2 Concord, NC	2.0	2.0	936	$1,600	$1.71	24d	1	1.27mi
541 Havenbrook Way NW Concord, NC	4.0	2.5	1613	$1,830	$1.13	5d	1	1.28mi
2704 White Oak Ln Kannapolis, NC	2.0	1.5	925	$1,245	$1.35	18d	1	1.32mi
3105 Patrick Henry Dr NW Concord, NC	3.0	1.0–2.0	750	$1,650	$2.20	5d	1	1.32mi
2676 White Oak Ln Kannapolis, NC	2.0	1.5	925	$1,245	$1.35	24d	1	1.32mi
2672 White Oak Ln Kannapolis, NC	2.0	1.5	925	$1,245	$1.35	18d	1	1.32mi
2744 White Oak Ln Kannapolis, NC	2.0	1.0	896	$1,245	$1.39	21d	1	1.33mi
2740 White Oak Ln Kannapolis, NC	2.0	1.0	896	$1,245	$1.39	5d	1	1.33mi
2740 White Oak Ln Kannapolis, NC	2.0	1.0	896	$1,245	$1.39	3d	1	1.33mi
1591 Matthew Allen Cir Kannapolis, NC	3.0	2.5	1583	$950	$0.60	13d	1	1.36mi
380 Canter Ct NW Concord, NC	3.0	2.0	1360	$1,905	$1.40	11d	1	1.43mi
1330 Falling Acorn Ln Concord, NC	3.0	2.5	1400	$1,875	$1.34	24d	1	1.45mi
3610 Backwater St Concord, NC	3.0	2.5	1400	$1,900	$1.36	12d	1	1.47mi
1425 Mount Olivet Rd Kannapolis, NC	1.0–3.0	1.0–2.0	1083	$1,493	$1.38	24d	1	1.49mi

Listing history 8 events

1. 2026-05-23
   status Active
2. 2026-05-12
   status Pending
3. 2026-05-09
   listed $175,000 Active
4. 2019-09-25
   soldstatus $120,000 Closed 431-char remark

   Show marketing remark (431 chars)

   Make this charming 3 bedroom 1.5 bath your own. Nice wood cabinets and Eat-In bar in Kitchen. Master bedroom has a half bath and a huge walk in closet. Separate den and dining room. Covered front & side porches. Just under 1/2 acre lot with Mature trees. One car detached garage with small attached dog lot. Conveniently located near schools, medical facilities and grocery stores. Easy access to I-85. Cabarrus County Schools.

5. 2019-09-25
   soldstatus $120,000

   Show marketing remark (431 chars)

   Make this charming 3 bedroom 1.5 bath your own. Nice wood cabinets and Eat-In bar in Kitchen. Master bedroom has a half bath and a huge walk in closet. Separate den and dining room. Covered front & side porches. Just under 1/2 acre lot with Mature trees. One car detached garage with small attached dog lot. Conveniently located near schools, medical facilities and grocery stores. Easy access to I-85. Cabarrus County Schools.

6. 2019-08-12
   historical Under Contract - Show 431-char remark

   Show marketing remark (431 chars)

   Make this charming 3 bedroom 1.5 bath your own. Nice wood cabinets and Eat-In bar in Kitchen. Master bedroom has a half bath and a huge walk in closet. Separate den and dining room. Covered front & side porches. Just under 1/2 acre lot with Mature trees. One car detached garage with small attached dog lot. Conveniently located near schools, medical facilities and grocery stores. Easy access to I-85. Cabarrus County Schools.

7. 2019-08-06
   listed $129,000 Active 431-char remark

   Show marketing remark (431 chars)

   Make this charming 3 bedroom 1.5 bath your own. Nice wood cabinets and Eat-In bar in Kitchen. Master bedroom has a half bath and a huge walk in closet. Separate den and dining room. Covered front & side porches. Just under 1/2 acre lot with Mature trees. One car detached garage with small attached dog lot. Conveniently located near schools, medical facilities and grocery stores. Easy access to I-85. Cabarrus County Schools.

8. 2010-05-14
   soldstatus $82,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast NC · Resets to sale price

• Current annual tax: $2,375 · $198/mo
• Projected year-2 tax: $2,375 · $198/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 6/10 Major 7 d/yr ≥105°F today · 17 d/yr by 30 yrs out
• 💨 Wind 5/10 Major 22% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $21,001
• − Mortgage interest: −$9,803
• − Property taxes: −$2,375
• − Insurance: −$875
• − Repairs & maintenance: −$1,680
• − Management: −$1,680
• − Depreciation: −$5,091
• Taxable loss: −$503
• Est. tax savings @ 24.0%: +$121
• After-tax cash flow: $2,449/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Cabarrus County Schools
• NCES district ID: 3700530
• Math proficiency: 54% ▲ 4.00%
• Reading proficiency: 55% ▲ 3.00%
• Median HH income: $59,442
• Composite: 47.42/100
• National rank: #2282
• State rank: #44 of 178 in NC

Livability — Kannapolis

• Score: 64/100
• State rank: #354
• US rank: #14030

Category grades

Amenities F Commute F Cost of living A+ Crime B Employment D+ Housing A+ Health & safety F User ratings C+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Kannapolis, NC
• County: Cabarrus County · 218,793 people
• City population: 57,170
• Metro: Charlotte-Concord-Gastonia, NC-SC
• Population (ZIP): 81,772
• Household income: $92,219
• Rent vs Own: 36.0% rent · 64.0% own
• Severe rent burden: 1909.0

Population outlook (Cabarrus County) Hauer SSP2

• Today (2025): 239,273 people
• By 2030: 260,754 · +9.0%
• By 2040: 303,953 · +27.0%
• By 2050: 344,827 · +44.1%
• By 2075: 435,623 · +82.1%
• By 2100: 490,119 · +104.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.66)
• Race & ethnicity: White 53% Black 19% Hispanic / Latino 14% Two or more races 9% Asian 9%
• Hispanic origin (detail): Mexican 8% Puerto Rican 3%
• Common ancestry: Serbian 2% Slovak 1% Romanian 1%
• Foreign-born: 14% · Canada, Vietnam, Jamaica
• Languages at home: 80% English-only · Spanish 11% Other Asian/Pacific 3% Other Indo-European 3%

Political lean MEDSL · Cabarrus

• 2024 margin: Lean R (+7.7) · D 45.5% · R 53.2% · Other 1.3%
• 2008→2024 swing: +10.7pp toward D · 2008: -18.4pp · 2024: -7.7pp
• All cycles: 2024: R+7.7 2020: R+9.4 2016: R+20.0 2012: R+20.2 2008: R+18.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -167.18%
• Current HPI: 238.3699
• Rent YoY: ▼ -0.20%
• Metro: Charlotte-Concord-Gastonia, NC-SC
• State GDP YoY: ▲ 3.28%
• F500 in state: 26

Industry mix (Fortune 500 HQ in NC)

Industry	F500 HQs	Revenue
▸Financial Services	2	$213B
▸Retail	2	$95B
▸Industrial Conglomerate	1	$38B
▸Metals / Steel	1	$35B
▸Utilities	1	$30B
▸Industrial Machinery	1	$19B

Price history

+113.4% since first listed

8 events — show timeline

• 2026-05-23 Relisted — CANOPYMLS as Distributed by MLS Grid
• 2026-05-12 Pending — CANOPYMLS as Distributed by MLS Grid
• 2026-05-09 Listed $175,000 CANOPYMLS as Distributed by MLS Grid
• 2019-09-25 Sold (Public Records) $120,000 Public Records
• 2019-09-25 Sold (MLS) $120,000 CANOPYMLS as Distributed by MLS Grid
• 2019-08-12 Contingent — CANOPYMLS as Distributed by MLS Grid
• 2019-08-06 Listed $129,000 CANOPYMLS as Distributed by MLS Grid
• 2010-05-14 Sold (Public Records) $82,000 Public Records

Property tax history

+2.1%/yr

Latest (2025): $2,375 · +0.0% YoY. Source: county tax records.