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107 E Neel Ranch Road #69 Mooresville, NC 28115

4 Beds 4 Baths 2,936 sqft Built 2015

$330,000

List Price

$1,840

$1.7K - $2K

Rent Est.

PROPERTY INFO

November 01, 2020 RECENTLY ADDED
FACTS
  • Built In 2015
  • Price/Sqft : $112.40
  • 3 Days on Market
  • MLS # : 3677657
  • Updated Date : 11/02/2020 at 20:36
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,936 sqft
  • Baths : 2 full , 2 half
Listing Agent

E Realty

Listing Agent's Description

Stunning previous model home that was professionally decorated. Wonderful colors and upgrades. Just move your furniture in. The wall decorations and carpets are included. Wood floors on the first floor. Carpet upstairs. Master bedroom has its own en suite. Owner and seller is a North Carolina and South Carolina Licensed Real Estate Broker.

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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
East Mooresville Intermediate School Primary Regular 625 33 7
East Mooresville Intermediate School Middle Regular 625 33 7
Mooresville High School High Regular 1,787 78 8

East Mooresville Intermediate School

  • Education Level: Primary
  • # of students: 625
  • # of teachers: 33
7
GreatSchools Rating

East Mooresville Intermediate School

  • Education Level: Middle
  • # of students: 625
  • # of teachers: 33
7
GreatSchools Rating

Mooresville High School

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

$297,000$363,000$330,000

PURCHASE PRICE

$1,656$2,024$1,840

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,840
EXPENSES Loan Payment -$1,218
Property Tax -$310
Property Insurance -$82
HOA -$55
Property Management Fees -$166
CASH FLOW
$10

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.

$330,000

PROJECTED PRICE

$1,840

PROJECTED RENT

0.56%

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$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

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$93,200

INVESTMENT

$93,200

Down Payment
$82,500
Rehab Estimate
$5,750
Closing Costs
$4,950

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,218

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $82,500
Loan Amount $247,500
See What Happens When You Reinvest Cash Flow

4.17

YEARS SAVED

$15,725

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,840

    LIST RENT
  • $0.63

    LIST RENT PER SQFT
  • $1,872

    COMP ESTIMATED VALUE
  • $0.64

    COMP AVG. RENT PER SQFT
Comps Range
$1,840
1$1,8402$1,8403$1,9954$2,0005$2,175
$2,175
RENT COMPS ANALYSIS
  • 107 E Neel Ranch Road Mooresville, NC 2
    • 4 beds 4 baths ∙ 2,936 Sqft ∙ Built 2015 4 beds 4 baths ∙ 2,936 Sqft ∙ Built 2015
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,840
    • $0.63
    •  
  • 105 E Neel Ranch Road Mooresville, NC 1
    • 4 beds 3 baths ∙ 2,835 Sqft ∙ Built 2015 4 beds 3 baths ∙ 2,835 Sqft ∙ Built 2015
    property image
    LEASED 06/08/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,840
    • $0.65
    •  
  • 111 Rougemont Lane Mooresville, NC 3
    • 5 beds 5 baths ∙ 3,202 Sqft ∙ Built 2012 5 beds 5 baths ∙ 3,202 Sqft ∙ Built 2012
    property image
    LEASED 03/02/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,995
    • $0.62
    •  
  • 112 Weeping Spring Drive Mooresville, NC 4
    • 5 beds 4 baths ∙ 3,278 Sqft ∙ Built 2002 5 beds 4 baths ∙ 3,278 Sqft ∙ Built 2002
    property image
    LEASED 10/28/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,000
    • $0.61
    •  
  • 184 Glastonbury Drive Mooresville, NC 5
    • 5 beds 3 baths ∙ 3,271 Sqft ∙ Built 2017 5 beds 3 baths ∙ 3,271 Sqft ∙ Built 2017
    property image
    LEASED 07/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,175
    • $0.66
    •  
PROPERTY LISTING DETAILS
Gregory Evangelist
1.704.491.6718
E Realty
BESbswy