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112 Northhampton Drive Mooresville, NC 28117

4 Beds 3 Baths 2,367 sqft Built 1990

$399,900

List Price

$2,000

$1.8K - $2.2K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
February 19, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1990
  • Price/Sqft : $168.95
  • 3 Days on Market
  • MLS # : 3710241
  • Updated Date : 02/20/2021 at 16:09
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,367 sqft
  • Baths : 2 full , 1 half
Listing Agent

Ronald Scott Properties Inc

Listing Agent's Description

Lake Norman living at a price you can live with! Have your own boat slip, wonderful community amenities, prime location and a tastefully updated home. The offerings of this neighborhood include a boat dock and launch, community pool and tennis courts. Bridgeport is minutes from I-77, Langtree shopping and restaurants and Lowe's Corporate. The fenced backyard features a screened porch with recessed lighting and speakers, a fire pit surrounded by custom outdoor lighting and a shed for extra storage. Inside the home you will find 4 bedrooms, 2.5 baths, 2 dining areas and 2 living areas with many smart home features including your lighting, security and even shower settings. The attention to detail in the master bath and closet parallels that of the garage storage and finishes. Just pick your favorite place to relax at this property!

SEE MORE

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: 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
Coddle Creek Elementary School Primary Regular 504 29 5
Brawley Middle School Middle Regular 746 41 7
Lake Norman High School High Regular 1,865 88 8

Coddle Creek Elementary School

  • Education Level: Primary
  • # of students: 504
  • # of teachers: 29
5
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
 

$359,910$439,890$399,900

PURCHASE PRICE

$1,800$2,200$2,000

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,000
EXPENSES Loan Payment -$1,389
Property Tax -$165
Property Insurance -$72
HOA -$64
Property Management Fees -$119
CASH FLOW
$191

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.

$399,900

PROJECTED PRICE

$2,000

PROJECTED RENT

0.50%

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$111,724

INVESTMENT

$111,724

Down Payment
$99,975
Rehab Estimate
$5,750
Closing Costs
$5,999

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 40% down payment or higher enables the proceeds from the asset to cover all costs.

$1,389

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $99,975
Loan Amount $299,925
See What Happens When You Reinvest Cash Flow

8.42

YEARS SAVED

$44,596

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,000

    LIST RENT
  • $0.84

    LIST RENT PER SQFT
  • $2,148

    COMP ESTIMATED VALUE
  • $0.91

    COMP AVG. RENT PER SQFT
Comps Range
$1,750
1$1,7502$2,0003$2,1004$2,3005$2,500
$2,500
RENT COMPS ANALYSIS
  • 112 Northhampton Drive Mooresville, NC 2
    • 4 beds 3 baths ∙ 2,367 Sqft ∙ Built 1990 4 beds 3 baths ∙ 2,367 Sqft ∙ Built 1990
    • Rent
    • Rent Per SQFT
    •  
    • $2,000
    • $0.84
    •  
  • 107 Claremont Way Mooresville, NC 1
    • 4 beds 3 baths ∙ 2,313 Sqft ∙ Built 1991 4 beds 3 baths ∙ 2,313 Sqft ∙ Built 1991
    LEASED 04/20/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,750
    • $0.76
    •  
  • 192 Lavender Bloom Loop Mooresville, NC 3
    • 3 beds 4 baths ∙ 2,105 Sqft ∙ Built 2006 3 beds 4 baths ∙ 2,105 Sqft ∙ Built 2006
    LEASED 08/11/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,100
    • $1.00
    •  
  • 109 Lynn Cove Lane Mooresville, NC 4
    • 3 beds 3 baths ∙ 2,634 Sqft ∙ Built 1996 3 beds 3 baths ∙ 2,634 Sqft ∙ Built 1996
    LEASED 03/27/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,300
    • $0.87
    •  
  • 21516 Delftmere Drive Cornelius, NC 5
    • 4 beds 3 baths ∙ 2,498 Sqft ∙ Built 1978 4 beds 3 baths ∙ 2,498 Sqft ∙ Built 1978
    LEASED 05/29/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,500
    • $1.00
    •  
PROPERTY LISTING DETAILS
Tara King
1.704.606.6699
Ronald Scott Properties Inc
1.866.250.5610
Carolina Multiple Listing Services ( Carolina)
MLS #: 3710241
Last Updated: 02/20/2021
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