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108 Pondridge Lane Mooresville, NC 28117

3 Beds 4 Baths 2,456 sqft Built 1996

$459,000

List Price

$1,980

$1.8K - $2.2K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
March 13, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1996
  • Price/Sqft : $186.89
  • 6 Days on Market
  • MLS # : 3713947
  • Updated Date : 03/13/2021 at 00:05
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,456 sqft
  • Baths : 3 full , 1 half
Listing Agent

Cottingham Chalk

Listing Agent's Description

Welcome Home! This immaculate 1.5 story BASEMENT home has been exceptionally well cared for by one owner. It sits on approx. 1.51 acres. The 828 sq. ft. basement has a full bath and is a storage dream. The main floors boast beautiful hardwoods. This kitchen is a must-see with tons of storage, a cooktop on the island, stainless appliances, a new sink and faucet. Updates include freshly painted interior, roof 2014, 2 AC Units 2018, hardwoods 2016, updated bathrooms. Enjoy the afternoon on the porch or in the pool.

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: 28117

ZipNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300k320k340k360k380k400k420kPrice in $118k427k

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

Zip Code: 28117

ZipNIR Market*CityMarket2010Year20002019 Q29001000110012001300140015001600170018001900Rent in $8441980

* 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
Lake Norman Elementary School Primary Regular 495 28 8
Brawley Middle School Middle Regular 746 41 7
Lake Norman High School High Regular 1,865 88 8

Lake Norman Elementary School

  • Education Level: Primary
  • # of students: 495
  • # of teachers: 28
8
GreatSchools Rating

Brawley Middle School

  • Education Level: Middle
  • # of students: 746
  • # of teachers: 41
7
GreatSchools Rating

Lake Norman High School

  • Education Level: High
  • # of students: 1,865
  • # of teachers: 88
8
GreatSchools Rating
 

$413,100$504,900$459,000

PURCHASE PRICE

$1,782$2,178$1,980

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,980
EXPENSES Loan Payment -$1,594
Property Tax -$188
Property Insurance -$73
Property Management Fees -$119
CASH FLOW
$6

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.

$459,000

PROJECTED PRICE

$1,980

PROJECTED RENT

0.43%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.48%
Appreciation Year (1-5) 5.1%
Maintenance Year (1-5) 8.00%
Vacancy 6.31%
Length of Stay Years 2

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$200k$400k$600k$800k$1.0M$1.2M$1.4M

PROJECTED ANNUAL CASH FLOW

11530$0.0$5.0k$10k$15k$20k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k$1.0M$1.2M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$127,385

INVESTMENT

$127,385

Down Payment
$114,750
Rehab Estimate
$5,750
Closing Costs
$6,885

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 45% down payment or higher enables the proceeds from the asset to cover all costs.

$1,594

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $114,750
Loan Amount $344,250
See What Happens When You Reinvest Cash Flow

6

YEARS SAVED

$31,327

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,980

    LIST RENT
  • $0.81

    LIST RENT PER SQFT
  • $1,983

    COMP ESTIMATED VALUE
  • $0.81

    COMP AVG. RENT PER SQFT
Comps Range
$1,795
1$1,7952$1,8003$1,9804$2,0455$2,295
$2,295
RENT COMPS ANALYSIS
  • 108 Pondridge Lane Mooresville, NC 3
    • 3 beds 4 baths ∙ 2,456 Sqft ∙ Built 1996 3 beds 4 baths ∙ 2,456 Sqft ∙ Built 1996
    • Rent
    • Rent Per SQFT
    •  
    • $1,980
    • $0.81
    •  
  • 135 Charleston Drive Mooresville, NC 1
    • 3 beds 3 baths ∙ 2,530 Sqft ∙ Built 2018 3 beds 3 baths ∙ 2,530 Sqft ∙ Built 2018
    LEASED 06/13/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,795
    • $0.71
    •  
  • 107 Riding Trail Mooresville, NC 2
    • 4 beds 3 baths ∙ 2,342 Sqft ∙ Built 2003 4 beds 3 baths ∙ 2,342 Sqft ∙ Built 2003
    LEASED 04/13/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,800
    • $0.77
    •  
  • 156 Samdusky Lane Mooresville, NC 4
    • 4 beds 3 baths ∙ 2,458 Sqft ∙ Built 1998 4 beds 3 baths ∙ 2,458 Sqft ∙ Built 1998
    LEASED 03/04/21
    • Rent
    • Rent Per SQFT
    •  
    • $2,045
    • $0.83
    •  
  • 163 Turnberry Lane Mooresville, NC 5
    • 3 beds 2 baths ∙ 2,504 Sqft ∙ Built 1999 3 beds 2 baths ∙ 2,504 Sqft ∙ Built 1999
    LEASED 12/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,295
    • $0.92
    •  
PROPERTY LISTING DETAILS
Kelly Ensminger
1.704.364.1700
Cottingham Chalk
1.866.250.5610
Carolina Multiple Listing Services ( Carolina)
MLS #: 3713947
Last Updated: 03/13/2021
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