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112 Camforth Drive Mooresville, NC 28117

3 Beds 3 Baths 1,606 sqft Built 2000

$229,000

List Price

$1,420

$1.3K - $1.6K

Rent Est.

PROPERTY INFO

80% chance this property will be sold within the next 20 days HOT INVESTMENT
February 13, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2000
  • Price/Sqft : $142.59
  • 5 Days on Market
  • MLS # : 3678969
  • Updated Date : 02/13/2021 at 00:05
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,606 sqft
  • Baths : 2 full , 1 half
Listing Agent

Exp Realty Llc

Listing Agent's Description

Fantastic, move in ready home on a corner lot with a fenced yard!! Walk into your new home through a covered entrance and into a beautiful, laminate floored open floor plan. Family room flows into the kitchen, complete with breakfast bar, nook & island. NEW (Oct 2020) stainless steel refrigerator, range, microwave and dishwasher convey. Laundry area and half bath are conveniently located alongside the kitchen. Walk through the sliding glass doors on your patio inside to a large, fenced yard w/a patio perfect for your outdoor entertaining. Ready for some game time, walk back inside & up the hardwood stairs to a well sized bonus room to the right. Left, you will find a spacious owner's suite w/ ensuite bath, 2 additional bedrooms, a hall closet and full hall bath. Whole house has been professionally, freshly painted, new roof (2018) and a new water heater (Oct 2020)! HVAC system has been maintained and was serviced Spring & Fall 2020. HIGHEST & BEST BY SATURDAY 7:30PM

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

Neighborhood: Brantley Place

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280kPrice in $108k288k

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

Neighborhood: Brantley Place

NeighborhoodNIR Market*CityMarket2010Year20002019 Q29001000110012001300140015001600Rent in $8201614

* 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
Lake Norman High School High Regular 1,865 88 8

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

Lake Norman High School

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

$206,100$251,900$229,000

PURCHASE PRICE

$1,278$1,562$1,420

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,420
EXPENSES Loan Payment -$795
Property Tax -$213
Property Insurance -$57
HOA -$16
Property Management Fees -$119
CASH FLOW
$219

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.

$229,000

PROJECTED PRICE

$1,420

PROJECTED RENT

0.62%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.98%
Appreciation Year (1-5) 3.8%
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

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$66,435

INVESTMENT

$66,435

Down Payment
$57,250
Rehab Estimate
$5,750
Closing Costs
$3,435

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$795

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $57,250
Loan Amount $171,750
See What Happens When You Reinvest Cash Flow

9.75

YEARS SAVED

$32,363

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,420

    LIST RENT
  • $0.88

    LIST RENT PER SQFT
  • $1,490

    COMP ESTIMATED VALUE
  • $0.93

    COMP AVG. RENT PER SQFT
Comps Range
$1,300
1$1,3002$1,3253$1,4204$1,4255$1,535
$1,535
RENT COMPS ANALYSIS
  • 112 Camforth Drive Mooresville, NC 3
    • 3 beds 3 baths ∙ 1,606 Sqft ∙ Built 2000 3 beds 3 baths ∙ 1,606 Sqft ∙ Built 2000
    • Rent
    • Rent Per SQFT
    •  
    • $1,420
    • $0.88
    •  
  • 112 Daventry Place Mooresville, NC 1
    • 3 beds 3 baths ∙ 1,430 Sqft ∙ Built 2001 3 beds 3 baths ∙ 1,430 Sqft ∙ Built 2001
    LEASED 02/24/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,300
    • $0.91
    •  
  • 110 Hartine Court Mooresville, NC 2
    • 3 beds 2 baths ∙ 1,410 Sqft ∙ Built 2001 3 beds 2 baths ∙ 1,410 Sqft ∙ Built 2001
    LEASED 06/19/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,325
    • $0.94
    •  
  • 126 Brantley Place Mooresville, NC 4
    • 3 beds 3 baths ∙ 1,616 Sqft ∙ Built 2001 3 beds 3 baths ∙ 1,616 Sqft ∙ Built 2001
    LEASED 03/18/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,425
    • $0.88
    •  
  • 117 Camforth Drive Mooresville, NC 5
    • 3 beds 2 baths ∙ 1,595 Sqft ∙ Built 2000 3 beds 2 baths ∙ 1,595 Sqft ∙ Built 2000
    LEASED 06/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,535
    • $0.96
    •  
PROPERTY LISTING DETAILS
Stacey Barto
1.704.578.1031
Exp Realty Llc
BESbswy