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1032 Coddle Creek Road Mooresville, NC 28115

3 Beds 2 Baths 1,503 sqft Built 2000

$249,900

List Price

$1,300

$1.2K - $1.4K

Rent Est.

PROPERTY INFO

October 29, 2020 RECENTLY ADDED
FACTS
  • Built In 2000
  • Price/Sqft : $166.27
  • 6 Days on Market
  • MLS # : 3677123
  • Updated Date : 10/30/2020 at 11:18
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,503 sqft
  • Baths : 2 full
Listing Agent

Lawrie Lawrence Real Estate

Listing Agent's Description

Cute Move-In Ready Ranch now available in the Mooresville Graded School District and NO HOA! Large rocking chair front porch & nice covered back porch perfect to relax on while reading a good book or having your morning coffee. This 3 bedroom/2 full bath home features an open living space that includes a kitchen with a work-station/drop zone, dining area, and living room with gas fireplace. Newer brushed nickel hardware, carpet, and fixtures. The master suite includes a separate entrance to the back porch. Outside enjoy the spacious very private fenced backyard! Side load 2 car garage just beyond fence with plenty of parking. Close to Walmart Neighborhood Market, Downtown Mooresville, and Lowe's corporate. You will not want to miss this one!

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • 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)

PRICE & RENT TRENDS

Zip Code: 28115

ZipNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280kPrice in $113k288k

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

Zip Code: 28115

ZipNIR Market*CityMarket2010Year20002019 Q29001000110012001300140015001600Rent in $8421614

* 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
Rocky River Elementary School Primary Regular 637 40 7
Mooresville Intermediate School Middle Regular 745 42 5
Mooresville High School High Regular 1,787 78 8

Rocky River Elementary School

  • Education Level: Primary
  • # of students: 637
  • # of teachers: 40
7
GreatSchools Rating

Mooresville Intermediate School

  • Education Level: Middle
  • # of students: 745
  • # of teachers: 42
5
GreatSchools Rating

Mooresville High School

  • Education Level: High
  • # of students: 1,787
  • # of teachers: 78
8
GreatSchools Rating
 

$224,910$274,890$249,900

PURCHASE PRICE

$1,170$1,430$1,300

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,300
EXPENSES Loan Payment -$922
Property Tax -$233
Property Insurance -$55
Property Management Fees -$117
CASH FLOW
-$27

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 15% of earned rent to cover both maintenance and periods of vacancy.

$249,900

PROJECTED PRICE

$1,300

PROJECTED RENT

0.52%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.98%
Appreciation Year (1-5) 5.4%
Maintenance Year (1-5) 8.00%
Vacancy 6.57%
Length of Stay Years 2

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$100k$200k$300k$400k$500k$600k$700k

PROJECTED ANNUAL CASH FLOW

11530-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$100k$200k$300k$400k$500k$600k$700k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$71,974

INVESTMENT

$71,974

Down Payment
$62,475
Rehab Estimate
$5,750
Closing Costs
$3,749

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$922

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $62,475
Loan Amount $187,425
See What Happens When You Reinvest Cash Flow

3.58

YEARS SAVED

$9,749

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,300

    LIST RENT
  • $0.86

    LIST RENT PER SQFT
  • $1,304

    COMP ESTIMATED VALUE
  • $0.87

    COMP AVG. RENT PER SQFT
Comps Range
$1,200
1$1,2002$1,2953$1,3004$1,4155$1,450
$1,450
RENT COMPS ANALYSIS
  • 1032 Coddle Creek Road Mooresville, NC 3
    • 3 beds 2 baths ∙ 1,503 Sqft ∙ Built 2000 3 beds 2 baths ∙ 1,503 Sqft ∙ Built 2000
    • Rent
    • Rent Per SQFT
    •  
    • $1,300
    • $0.86
    •  
  • 317 Cedar Street Mooresville, NC 1
    • 3 beds 2 baths ∙ 1,479 Sqft ∙ Built 1956 3 beds 2 baths ∙ 1,479 Sqft ∙ Built 1956
    LEASED 10/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,200
    • $0.81
    •  
  • 634 Briarwood Drive Mooresville, NC 2
    • 3 beds 2 baths ∙ 1,525 Sqft ∙ Built 1964 3 beds 2 baths ∙ 1,525 Sqft ∙ Built 1964
    LEASED 02/27/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,295
    • $0.85
    •  
  • 353 Fieldstone Road Mooresville, NC 4
    • 3 beds 2 baths ∙ 1,567 Sqft ∙ Built 1962 3 beds 2 baths ∙ 1,567 Sqft ∙ Built 1962
    LEASED 02/18/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,415
    • $0.90
    •  
  • 111 Collenton Lane Mooresville, NC 5
    • 3 beds 3 baths ∙ 1,600 Sqft ∙ Built 2014 3 beds 3 baths ∙ 1,600 Sqft ∙ Built 2014
    LEASED 05/29/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,450
    • $0.91
    •  
PROPERTY LISTING DETAILS
Kathleen Walton
1.704.506.8382
Lawrie Lawrence Real Estate
BESbswy