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1115 Merrywood Court Mooresville, NC 28115

3 Beds 3 Baths 1,092 sqft Built 1979

$239,000

List Price

$1,170

$1.1K - $1.3K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
March 21, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1979
  • Price/Sqft : $218.86
  • 5 Days on Market
  • MLS # : 3719597
  • Updated Date : 03/21/2021 at 00:05
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,092 sqft
  • Baths : 3 full
Listing Agent

Keller Williams Mooresville

Listing Agent's Description

Come enjoy the quiet culdesac location, the wooded yard and the huge fenced backyard with a firepit and rear deck; Or relax on the newer 42 foot long front deck; Kitchen with stainless double sink, microwave, stove, refrigerator and dishwasher; Dining Area door to the rear deck; Master Bedroom with a full bathroom; Main floor Office or possible extra BR with a shiplapped wall; Main level Laundry; Newer wood laminate flooring and fixtures; Interior barn doors; Main bath with a tile surround tub; Lower level Bedroom can also be a den; 2 full bathrooms on the main level and 1 full bathroom on the lower level; Oversized 2 car garage with 2 separate overhead doors and openers; Roof was new in 2014; This home is close to historic downtown Mooresville, Lake Norman Medical Center, Lowes HQ and tons of stores and restaurants!

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • 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)

PRICE & RENT TRENDS

Neighborhood: White Oaks

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300kPrice in $118k318k

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

Neighborhood: White Oaks

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2900100011001200130014001500160017001800Rent in $8441809

* 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
South Elementary School Primary Regular 559 34 6
Mooresville Middle School Middle Regular 1,023 53 4
Mooresville High School High Regular 1,787 78 8

South Elementary School

  • Education Level: Primary
  • # of students: 559
  • # of teachers: 34
6
GreatSchools Rating

Mooresville Middle School

  • Education Level: Middle
  • # of students: 1,023
  • # of teachers: 53
4
GreatSchools Rating

Mooresville High School

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

$215,100$262,900$239,000

PURCHASE PRICE

$1,053$1,287$1,170

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,170
EXPENSES Loan Payment -$830
Property Tax -$223
Property Insurance -$48
Property Management Fees -$119
CASH FLOW
-$49

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.

$239,000

PROJECTED PRICE

$1,170

PROJECTED RENT

0.49%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.48%
Appreciation Year (1-5) 5.4%
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$100k$200k$300k$400k$500k$600k$700k

PROJECTED ANNUAL CASH FLOW

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

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$69,085

INVESTMENT

$69,085

Down Payment
$59,750
Rehab Estimate
$5,750
Closing Costs
$3,585

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$830

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $59,750
Loan Amount $179,250
See What Happens When You Reinvest Cash Flow

4.58

YEARS SAVED

$10,880

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,170

    LIST RENT
  • $1.07

    LIST RENT PER SQFT
  • $1,010

    COMP ESTIMATED VALUE
  • $0.93

    COMP AVG. RENT PER SQFT
Comps Range
$1,170
1$1,1702$1,2303$1,250
$1,250
RENT COMPS ANALYSIS
  • 1115 Merrywood Court Mooresville, NC 1
    • 3 beds 3 baths ∙ 1,092 Sqft ∙ Built 1979 3 beds 3 baths ∙ 1,092 Sqft ∙ Built 1979
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,170
    • $1.07
    •  
  • 428 E Mclelland Avenue Mooresville, NC 2
    • 3 beds 2 baths ∙ 1,325 Sqft ∙ Built 1975 3 beds 2 baths ∙ 1,325 Sqft ∙ Built 1975
    property image
    LEASED 05/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,230
    • $0.93
    •  
  • 129 Thayer Court Mooresville, NC 3
    • 4 beds 2 baths ∙ 1,354 Sqft ∙ Built 2002 4 beds 2 baths ∙ 1,354 Sqft ∙ Built 2002
    property image
    LEASED 02/05/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,250
    • $0.92
    •  
PROPERTY LISTING DETAILS
Bob Warchol
1.704.881.1921
Keller Williams Mooresville
1.866.250.5610
Carolina Multiple Listing Services ( Carolina)
MLS #: 3719597
Last Updated: 03/21/2021
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