901 Indiana St · Kannapolis, NC 28083

$115,000

2 bd · 1.0 ba · 888 sqft · SingleFamily public records · 61 Days on market

Built 1920 0.25 ac lot Est $225k · 49% under

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Why this score? — see what drove the B- 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 +26.3/30.0
• ARV discount +15.0/15.0
• DSCR +8.9/10.0
• 1% rule +7.2/10.0
• Livability +3.2/5.0
• Rent growth +3.0/5.0
• Schools +2.6/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

An investors dream! 2 bedroom home located on a spacious lot with fenced backyard. Located just 5 minutes away from downtown Kannapolis. Home is in need of significant repairs. Sold in its as-is condition and priced accordingly. Due to condition of the home, this is a cash or construction perm purchase only.

Key facts

• Spacious lot
• Fenced backyard
• 0.25 acre lot

Tags

• SPACIOUS LOT
• FENCED BACKYARD

Property features AI

Finance

• Other: Property contains approximately 0.25 acres
• HOA & community: No HOA

Exterior

• Parking: Driveway
• Utilities: Water: Other (see remarks); Sewer: Other (see remarks)
• Home design: Single-family residence; Residential property; One story (entry/main level); Zoned RV
• Construction: Site-built construction; Crawl space foundation
• Exterior features: Fenced yard; Publicly maintained road access; Road surfaces include gravel, paved, and other

Interior

• Kitchen: No appliances included
• Bedrooms: Two bedrooms on the main level
• Bathrooms: One full bathroom on the main level
• Heating & cooling: Central heating; Central air
• Interior features: Five total rooms; Central heating; Central air conditioning
• Laundry & utility: Main-level utility/laundry room

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $115k.

Deal economics

• At list price, monthly cash flow is $295 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $115k).
• Recommended offer: $108k (6.0% below list) — sets the bar for market timing.
• Cap rate 9.4% 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+, schools F, amenities F.
• Kannapolis City Schools (suburban): math 30% / reading 33% proficiency, ranked #141 of 178 in NC (top 79%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 63% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising (+2.1%/yr); 140 active listings in the ZIP; 25 comparable units currently listed for rent nearby; rentals at typical pace (median 18d on market — plan ~3-4 weeks tenant-placement turnaround); 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 $795 of loan paydown is wiped out by about $3k 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

• It's been on market 61 days — a 6% lower offer ($108k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 2y ago; this cycle's ask has dropped $25k (18%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1920 — 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 $108,100 (6.0% below list)

Questions for the listing agent

1. It's been on market 61 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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.
7. 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.
8. 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: 1.22% ✓
• Cap rate: 9.37%
• Cash-on-cash: 11.00%
• DSCR: 1.49
• GRM: 6.8

CMA / ARV

• ARV (on-the-fly): $224,664
• Comps found: 6

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
904 Indiana St	0.03mi	2/2.0	881 (-1%)	14mo	$220,000	$250	82
2105 Florida Ave	0.48mi	2/1.0	925 (+4%)	11mo	$205,000	$222	61
610 Eddleman Rd	0.23mi	3/2.0 (+1)	1,008 (+14%)	2mo	$255,000	$253	57
313 Villa St	0.74mi	3/2.0 (+1)	888 (0%)	13mo	$238,000	$268	46
705 Michigan St	0.70mi	2/1.0	805 (-9%)	16mo	$225,000	$280	38
523 Eastway Ave	0.55mi	3/1.5 (+1)	1,007 (+13%)	15mo	$240,000	$238	32

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 · 2.15% rent growth · sell at horizon

5-year hold

• IRR: -0.8%
• Equity multiple: 0.97×
• Total profit: $-989
• Equity at exit: $17,147

10-year hold

• IRR: 7.9%
• Equity multiple: 1.58×
• Total profit: $18,679
• Equity at exit: $9,943

Cash invested: $32,200 (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 28083

• Rents YoY: 2.1%
• Active inventory: 140
• Price-to-rent: 6.8×

Monthly cashflow live

• Estimated rent: $1,407 high
• Mortgage (P&I): −$603
• Tax from tax record: −$165 /mo · $1,985/yr
• Insurance: −$48
• HOA: −$0
• Vacancy / Maint / Mgmt: −$295
• Net cashflow: $295

Break-even live

Break-even rent $1,033

Max offer price $115,000

Occupancy floor 74%

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: $28,750
• Closing costs: $3,450
• Reserves months: —
• Total cash needed: —

Rent comps 25 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1700 Inspired Way Kannapolis, NC	2.0	1.5	1105	$1,342	$1.21	22d	2	0.16mi
1701 Oakcrest Dr Kannapolis, NC	2.0–3.0	2.0	1104	$1,206	$1.09	3d	12	0.68mi
1065 Ridgeway Dr Kannapolis, NC	1.0–3.0	1.0–2.0	1003	$1,190	$1.19	24d	1	0.75mi
1017 McLain Rd Kannapolis, NC	3.0	2.0	1046	$1,600	$1.53	2d	1	0.77mi
1100 Coopers Ridge Dr Kannapolis, NC	3.0	1.0–2.0	765	$1,292	$1.69	2d	25	0.79mi
300 Sandy Ct Kannapolis, NC	1.0–2.0	1.0	854	$1,254	$1.47	24d	1	0.81mi
710 Irene Ave Unit A Kannapolis, NC	3.0	2.0	1064	$1,700	$1.60	24d	1	0.83mi
2676 White Oak Ln Kannapolis, NC	2.0	1.5	925	$1,245	$1.35	24d	1	0.90mi
2672 White Oak Ln Kannapolis, NC	2.0	1.5	925	$1,245	$1.35	18d	1	0.91mi
2704 White Oak Ln Kannapolis, NC	2.0	1.5	925	$1,245	$1.35	18d	1	0.91mi
2202 S Main St Kannapolis, NC	2.0	1.0	800	$1,000	$1.25	24d	1	0.95mi
2744 White Oak Ln Kannapolis, NC	2.0	1.0	896	$1,245	$1.39	20d	1	0.96mi
2740 White Oak Ln Kannapolis, NC	2.0	1.0	896	$1,245	$1.39	2d	1	0.96mi
2740 White Oak Ln Kannapolis, NC	2.0	1.0	896	$1,245	$1.39	5d	1	0.96mi
121 Briarcliff Dr Kannapolis, NC	2.0	1.0	800	$950	$1.19	24d	1	0.99mi
1904 Duke Adam St Kannapolis, NC	3.0	2.0	1032	$1,670	$1.62	12d	1	1.01mi
1903 Duke Adam St Kannapolis, NC	3.0	2.0	1125	$1,799	$1.60	3d	1	1.04mi
760 Hillside St Kannapolis, NC	2.0	2.5	1008	$1,495	$1.48	12d	1	1.08mi
1425 Mount Olivet Rd Kannapolis, NC	1.0–3.0	1.0–2.0	1083	$1,291	$1.19	24d	1	1.20mi
648 Wilson St Kannapolis, NC	1.0	1.0	650	$800	$1.23	12d	1	1.23mi
310 Pineview St Unit NA Kannapolis, NC	2.0	1.0	813	$1,650	$2.03	18d	1	1.25mi
310 Pineview St Kannapolis, NC	2.0	1.0	813	$1,599	$1.97	11d	1	1.25mi
531 Park St Kannapolis, NC	2.0	1.5	1050	$1,235	$1.18	24d	1	1.27mi
530 Walter St Kannapolis, NC	2.0	1.5	1050	$1,350	$1.29	24d	1	1.29mi
528 Walter St Kannapolis, NC	2.0	1.5	1050	$1,350	$1.29	24d	1	1.30mi

Listing history 17 events

1. 2026-06-18
   days on market $115,000 Active 61 DOM
2. 2026-06-17
   pricedays on market $115,000 Active 60 DOM
3. 2026-06-16
   days on market $133,000 Active 59 DOM
4. 2026-06-15
   days on market $133,000 Active 58 DOM
5. 2026-06-13
   days on market $133,000 Active 56 DOM
6. 2026-06-09
   days on market $133,000 Active 52 DOM
7. 2026-06-08
   days on market $133,000 Active 51 DOM
8. 2026-06-07
   statusdays on market $133,000 Active 50 DOM
9. 2026-06-04
   days on market $133,000 Active Under Contract 47 DOM
10. 2026-06-03
    days on market $133,000 Active Under Contract 46 DOM
11. 2026-06-02
    days on market $133,000 Active Under Contract 45 DOM
12. 2026-06-01
    days on market $133,000 Active Under Contract 44 DOM
13. 2026-05-31
    days on market $133,000 Active Under Contract 43 DOM
14. 2026-05-15
    historical Active Under Contract
15. 2026-05-05
    price $133,000
16. 2026-04-18
    listed $140,000 Active
17. 2024-07-10
    listed $130,000 Active

ⓘ 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: $1,985 · $165/mo
• Projected year-2 tax: $1,985 · $165/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: $16,886
• − Mortgage interest: −$6,442
• − Property taxes: −$1,985
• − Insurance: −$575
• − Repairs & maintenance: −$1,351
• − Management: −$1,351
• − Depreciation: −$3,345
• Taxable income: $1,837
• Est. tax owed @ 24.0%: −$441
• After-tax cash flow: $3,102/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: Kannapolis City Schools
• NCES district ID: 3702430
• Math proficiency: 30% ▲ 7.00%
• Reading proficiency: 33% ▼ -2.00%
• Median HH income: $38,534
• Composite: 26.34/100
• National rank: #7237
• State rank: #141 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): 28,095
• Household income: $66,257
• Rent vs Own: 35.6% rent · 64.4% own
• Severe rent burden: 633.0

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 0.61)
• Race & ethnicity: White 55% Black 25% Hispanic / Latino 16% Two or more races 5% Asian 1%
• Hispanic origin (detail): Mexican 11% Puerto Rican 3%
• Common ancestry: Slovak 2% Serbian 1% Lithuanian 1%
• Foreign-born: 8% · Canada
• Languages at home: 85% English-only · Spanish 13% Tagalog/Filipino 1% Other Indo-European 1%

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: ▼ -318.30%
• Current HPI: 307.0675
• Rent YoY: ▲ 2.15%
• 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

+2.3% since first listed

4 events — show timeline

• 2026-05-15 Contingent — CANOPYMLS as Distributed by MLS Grid
• 2026-05-05 Price Changed $133,000 CANOPYMLS as Distributed by MLS Grid
• 2026-04-18 Listed $140,000 CANOPYMLS as Distributed by MLS Grid
• 2024-07-10 Listed $130,000 CANOPYMLS as Distributed by MLS Grid

Property tax history

+3.8%/yr

Latest (2025): $1,985 · +0.0% YoY. Source: county tax records.