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10317 Mull Court Huntersville, NC 28078

4 Beds 3 Baths 2,493 sqft Built 1999

INVESTimate

$349,000

List Price

$1,830

$1,647 - $2,013

Rent Est.

$364,775  ( +4.52%)   1 YR EST. FORECAST

PROPERTY INFO

FACTS
  • Built In 1999
  • Price/Sqft : $139.99
  • 15 Days on Market
  • MLS # : 3650428
  • Updated Date : 08/21/2020 at 14:26
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,493 sqft
  • Baths : 3 full
Listing Agent

Pridemore Properties North Llc

Listing Agent's Description

Rare One Story in established community within walking distance to Starbucks and target, mins from Birkdale and I-485 4 spacious bedrooms, 3 full baths + office space this home provides lots of room to move around. Improvements include updated roof, vinyl replacement windows throughout, HVAC, Rheem 50 gallon hot water heater, updated toilets, and updated master bath. Wide-open kitchen with lots of cabinets and granite island gets great light. Fridge, washer, and dryer may remain. Huge laundry room with lots of storage space. Volume ceilings throughout and lots of natural light. Almost 1/3 acre lot is fenced and also has a separate fenced area for a garden. 10x16 storage building for all your yard tools. Enjoy the private, oversized patio this summer. Large Two bay garage...one bay with door to the side yard could be a workshop. Level lot with expanded driveway for extra parking. Top rated schools!

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: Cambridge Grove

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450k500k550kPrice in $118k585k

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

Neighborhood: Cambridge Grove

NeighborhoodNIR Market*CityMarket2010Year20002019 Q21000120014001600180020002200240026002800Rent in $8442955

* 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
J.v. Washam Elementary School Primary Regular 992 49 8
Bailey Middle School Middle Regular 1,616 77 9
William Amos Hough High School High Regular 2,453 120 8

J.v. Washam Elementary School

  • Education Level: Primary
  • # of students: 992
  • # of teachers: 49
8
GreatSchools Rating

Bailey Middle School

  • Education Level: Middle
  • # of students: 1,616
  • # of teachers: 77
9
GreatSchools Rating

William Amos Hough High School

  • Education Level: High
  • # of students: 2,453
  • # of teachers: 120
8
GreatSchools Rating
 

$314,100$383,900$349,000

PURCHASE PRICE

$1,647$2,013$1,830

RENT

DOWN PAYMENT
FINANCING

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$200k$400k$600k$800k$1.0M

PROJECTED ANNUAL CASH FLOW

11530-$4.0k-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k$14k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,830
EXPENSES Loan Payment -$1,288
Property Tax -$280
Property Insurance -$74
HOA -$54
Property Management Fees -$165
CASH FLOW
-$31

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.

$349,000

PROJECTED PRICE

$1,830

PROJECTED RENT

0.52%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.76%
Appreciation Year (1-5) 4.52%
Maintenance Year (1-5) 8.00%
Vacancy 6.36%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$98,235

INVESTMENT

$98,235

Down Payment
$87,250
Rehab Estimate
$5,750
Closing Costs
$5,235

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 50% down payment or higher enables the proceeds from the asset to cover all costs.

$1,288

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $87,250
Loan Amount $261,750
See What Happens When You Reinvest Cash Flow

4.5

YEARS SAVED

$18,871

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,830

    LIST RENT
  • $0.73

    LIST RENT PER SQFT
  • $2,026

    COMP ESTIMATED VALUE
  • $0.81

    COMP AVG. RENT PER SQFT
Comps Range
$1,830
1$1,8302$1,8503$1,9004$1,9955$2,150
$2,150
RENT COMPS ANALYSIS
  • 10317 Mull Court Huntersville, NC 1
    • 4 beds 3 baths ∙ 2,493 Sqft ∙ Built 1999 4 beds 3 baths ∙ 2,493 Sqft ∙ Built 1999
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,830
    • $0.73
    •  
  • 18706 Coachmans Trace Cornelius, NC 2
    • 3 beds 3 baths ∙ 2,416 Sqft ∙ Built 2003 3 beds 3 baths ∙ 2,416 Sqft ∙ Built 2003
    property image
    LEASED 05/29/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,850
    • $0.77
    •  
  • 10304 Friarsgate Road Huntersville, NC 3
    • 4 beds 3 baths ∙ 2,337 Sqft ∙ Built 1998 4 beds 3 baths ∙ 2,337 Sqft ∙ Built 1998
    property image
    LEASED 03/17/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,900
    • $0.81
    •  
  • 10105 Grimbsy Court Huntersville, NC 4
    • 4 beds 3 baths ∙ 2,514 Sqft ∙ Built 1997 4 beds 3 baths ∙ 2,514 Sqft ∙ Built 1997
    property image
    LEASED 03/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,995
    • $0.79
    •  
  • 17216 Knoxwood Drive Huntersville, NC 5
    • 4 beds 3 baths ∙ 2,551 Sqft ∙ Built 2002 4 beds 3 baths ∙ 2,551 Sqft ∙ Built 2002
    property image
    LEASED 04/30/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,150
    • $0.84
    •  
PROPERTY LISTING DETAILS
Mike Hege
1.704.491.9445
Pridemore Properties North Llc
BESbswy