142 Wright Meadow Ln. Kannapolis, NC 28081

$59,500

 3 bedroom, 2 bathroom manufactured home affixed to a brick foundation on a 1.19 acre parcel in a nice country setting.  Home is 1.5 miles away from Enochville Elementary School, 4 miles away from Corriher Lipe Middle School, 5 miles from South Rowan High School, and 4 miles away from downtown Kannapolis,

This home is in overall great shape.  The HVAC is an electric heat pump.  It looks to be roughly 10-15 years old, but has been serviced regularly by the owner and is in great working condition.  Electric HWH is 10+ years old, but also in good working condition.  Home has a newer sheet metal roof, painted light blue.  You’ll never have to worry about a leaky roof here!  Double storm windows.  No issues could be seen in the crawlspace; good ventilation and not overly damp.  Plumbing and electrical all look to be in good shape, aside from one electrical outlet that needs to be replaced.  Appliances convey.  Well water and septic, no known problems with either.

We estimate roughly to $8,000 will be needed for some cosmetic repairs and any updates you might want to make.  Repairs needed include:

– Repair/replace spots where siding is missing or coming loose.
– Repair/replace flooring in bedrooms and a few spots in the dining room
– Repair/replace some vinyl trim around some of the windows that has become cracked/broken.
– New laminate on kitchen counter tops
– Replace front door
– Some paint/drywall repairs needed
– New blinds throughout
– Various minor cosmetic repairs

Other upgrades you may want to consider are adding gutters and upgrading the bathroom sinks.
Market rent for this home is $950-1,000/month.  Comps put the value of this property anywhere between $90,000 and $130,000, depending on the level of upgrades.

 

COMPARABLE PROPERTIES

 

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