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113 Quiet Cove Road Mooresville, NC 28117

3 Beds 3 Baths 2,184 sqft Built 1996

$455,000

List Price

$1,740

$1.6K - $1.9K

Rent Est.

PROPERTY INFO

FACTS
  • Single Family
  • Built In 1996
  • Price/Sqft : $208.33
  • 67 Days on Market
  • MLS # : 3690215
  • Updated Date : 02/09/2021 at 15:04
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,184 sqft
  • Baths : 3 full
Listing Agent

Lakeshore Realty, Inc.

Listing Agent's Description

Fantastic Mooresville location! No Homeowners dues All brick Ranch with lots of storage, 3 car garage in an area of fine homes. House has good split BR floor plan with large Master, vaulted ceilings with remote fans in some rooms. Convenient to shopping, schools and Lake Norman access area. Enjoy the large back yard off the covered private rear porch with access to Living Room and Master Bedroom. Lots of storage in the walk in crawl space.

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
Lakeshore Elementary School Primary Regular 632 40 5
Lakeshore Middle School Middle Regular 514 29 7
Lake Norman High School High Regular 1,865 88 8

Lakeshore Elementary School

  • Education Level: Primary
  • # of students: 632
  • # of teachers: 40
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
 

$409,500$500,500$455,000

PURCHASE PRICE

$1,566$1,914$1,740

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,740
EXPENSES Loan Payment -$1,580
Property Tax -$189
Property Insurance -$68
Property Management Fees -$119
CASH FLOW
-$217

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.

$455,000

PROJECTED PRICE

$1,740

PROJECTED RENT

0.38%

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

PROJECTED ANNUAL CASH FLOW

11530-$5.0k$0.0$5.0k$10k$15k

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$126,325

INVESTMENT

$126,325

Down Payment
$113,750
Rehab Estimate
$5,750
Closing Costs
$6,825

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 55% down payment or higher enables the proceeds from the asset to cover all costs.

$1,580

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $113,750
Loan Amount $341,250
See What Happens When You Reinvest Cash Flow

3.5

YEARS SAVED

$13,721

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,740

    LIST RENT
  • $0.8

    LIST RENT PER SQFT
  • $1,916

    COMP ESTIMATED VALUE
  • $0.88

    COMP AVG. RENT PER SQFT
Comps Range
$1,740
1$1,7402$1,8003$1,8654$1,9755$2,300
$2,300
RENT COMPS ANALYSIS
  • 113 Quiet Cove Road Mooresville, NC 1
    • 3 beds 3 baths ∙ 2,184 Sqft ∙ Built 1996 3 beds 3 baths ∙ 2,184 Sqft ∙ Built 1996
    • Rent
    • Rent Per SQFT
    •  
    • $1,740
    • $0.80
    •  
  • 148 Blossom Ridge Drive Mooresville, NC 2
    • 3 beds 2 baths ∙ 2,054 Sqft ∙ Built 2013 3 beds 2 baths ∙ 2,054 Sqft ∙ Built 2013
    LEASED 10/13/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,800
    • $0.88
    •  
  • 156 Blossom Ridge Drive Mooresville, NC 3
    • 3 beds 3 baths ∙ 2,328 Sqft ∙ Built 2012 3 beds 3 baths ∙ 2,328 Sqft ∙ Built 2012
    LEASED 05/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,865
    • $0.80
    •  
  • 171 Rustling Waters Drive Mooresville, NC 4
    • 3 beds 3 baths ∙ 2,423 Sqft ∙ Built 2016 3 beds 3 baths ∙ 2,423 Sqft ∙ Built 2016
    LEASED 10/22/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,975
    • $0.82
    •  
  • 687 Normandy Road Mooresville, NC 5
    • 3 beds 2 baths ∙ 2,400 Sqft ∙ Built 2005 3 beds 2 baths ∙ 2,400 Sqft ∙ Built 2005
    LEASED 08/15/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,300
    • $0.96
    •  
PROPERTY LISTING DETAILS
Jon Grigorian
1.704.696.2200
Lakeshore Realty, Inc.
BESbswy