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104 Horsestable Court Mooresville, NC 28115

3 Beds 2 Baths 1,487 sqft Built 1994

$255,000

List Price

$1,410

$1.3K - $1.6K

Rent Est.

PROPERTY INFO

November 21, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1994
  • Price/Sqft : $171.49
  • 2 Days on Market
  • MLS # : 3677357
  • Updated Date : 11/21/2020 at 04:12
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,487 sqft
  • Baths : 2 full
Listing Agent

Exp Realty Llc

Listing Agent's Description

Beautiful 3BR/2BA, 1-story charming home on a corner lot. Freshly painted throughout the house as well as new carpet. Kitchen has new tile backsplash, granite countertops, and a breakfast bar perfect for morning coffee and snacks. The spacious master bedroom includes a large walk in closet and master bath with separate shower/garden tub and dual vanities. Hardwood flooring throughout kitchen and dining area. Living room has lots of natural light. Large open backyard with a big deck perfect for entertaining and BBQ's. See it soon or you will miss out!

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

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
Shepherd Elementary School Primary Regular 491 29 5
Lakeshore Middle School Middle Regular 514 29 7
South Iredell High School High Regular 1,505 92 5

Shepherd Elementary School

  • Education Level: Primary
  • # of students: 491
  • # of teachers: 29
5
GreatSchools Rating

Lakeshore Middle School

  • Education Level: Middle
  • # of students: 514
  • # of teachers: 29
7
GreatSchools Rating

South Iredell High School

  • Education Level: High
  • # of students: 1,505
  • # of teachers: 92
5
GreatSchools Rating
 

$229,500$280,500$255,000

PURCHASE PRICE

$1,269$1,551$1,410

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,410
EXPENSES Loan Payment -$941
Property Tax -$106
Property Insurance -$55
Property Management Fees -$127
CASH FLOW
$181

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.

$255,000

PROJECTED PRICE

$1,410

PROJECTED RENT

0.55%

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$800k$900k

PROJECTED ANNUAL CASH FLOW

11530$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$100k$200k$300k$400k$500k$600k$700k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$73,325

INVESTMENT

$73,325

Down Payment
$63,750
Rehab Estimate
$5,750
Closing Costs
$3,825

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 35% down payment or higher enables the proceeds from the asset to cover all costs.

$941

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $63,750
Loan Amount $191,250
See What Happens When You Reinvest Cash Flow

8.33

YEARS SAVED

$33,284

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,410

    LIST RENT
  • $0.95

    LIST RENT PER SQFT
  • $1,271

    COMP ESTIMATED VALUE
  • $0.86

    COMP AVG. RENT PER SQFT
Comps Range
$1,200
1$1,2002$1,4103$1,450
$1,450
RENT COMPS ANALYSIS
  • 104 Horsestable Court Mooresville, NC 2
    • 3 beds 2 baths ∙ 1,487 Sqft ∙ Built 1994 3 beds 2 baths ∙ 1,487 Sqft ∙ Built 1994
    • Rent
    • Rent Per SQFT
    •  
    • $1,410
    • $0.95
    •  
  • 1860 Charlotte Highway Mooresville, NC 1
    • 3 beds 1 baths ∙ 1,432 Sqft ∙ Built 1949 3 beds 1 baths ∙ 1,432 Sqft ∙ Built 1949
    LEASED 03/13/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,200
    • $0.84
    •  
  • 241 Brook Glen Drive Mooresville, NC 3
    • 3 beds 3 baths ∙ 1,662 Sqft ∙ Built 2003 3 beds 3 baths ∙ 1,662 Sqft ∙ Built 2003
    LEASED 12/30/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,450
    • $0.87
    •  
PROPERTY LISTING DETAILS
Shauntay Cloud
1.704.880.5329
Exp Realty Llc
BESbswy