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117 Mills Valley Drive Mooresville, NC 28117

3 Beds 3 Baths 1,093 sqft Built 1995

$257,000

List Price

$1,300

$1.2K - $1.4K

Rent Est.

PROPERTY INFO

November 03, 2020 RECENTLY ADDED
FACTS
  • Built In 1995
  • Price/Sqft : $235.13
  • 6 Days on Market
  • MLS # : 3677631
  • Updated Date : 11/04/2020 at 14:48
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,093 sqft
  • Baths : 3 full
Listing Agent

Wilkinson Era Real Estate

Listing Agent's Description

Lots of square footage in Mills Pond! Gorgeous, well kept home in the most desirable schools area of Mooresville. This home has over 1700 square feet; 3 bd/ 2 full bath split bedroom plan on first floor, and two bonus or office spaces with closets and full bathroom downstairs. Cute remodeled kitchen with butcher block counters for gourmet cooking, & "under cabinet" lighting. Seller has purchased all new kitchen appliances since they've owned the property/ refrigerator included with purchase. Upgraded architectural shingle roof and HVAC both approximately 5 - 6 years old. Very nice flooring, including laminate wood and ceramic tile (carpet downstairs is simply laid on the tile). Covered front porch, great back deck for entertaining. Fenced yard with beautiful mature trees at back. This is a wonderful home located centrally in Mooresville just minutes from Lakeshore and Lake Norman schools, restaurants, and shopping. *Note: Seller finishing flooring in the 3rd upstairs bedroom.

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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
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
 

$231,300$282,700$257,000

PURCHASE PRICE

$1,170$1,430$1,300

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,300
EXPENSES Loan Payment -$948
Property Tax -$107
Property Insurance -$47
Property Management Fees -$117
CASH FLOW
$80

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.

$257,000

PROJECTED PRICE

$1,300

PROJECTED RENT

0.51%

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$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

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$73,855

INVESTMENT

$73,855

Down Payment
$64,250
Rehab Estimate
$5,750
Closing Costs
$3,855

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$948

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $64,250
Loan Amount $192,750
See What Happens When You Reinvest Cash Flow

6.92

YEARS SAVED

$25,270

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,300

    LIST RENT
  • $1.21

    LIST RENT PER SQFT
  • $1,277

    COMP ESTIMATED VALUE
  • $1.19

    COMP AVG. RENT PER SQFT
Comps Range
$1,245
1$1,2452$1,2953$1,2954$1,300
$1,300
RENT COMPS ANALYSIS
  • 117 Mills Valley Drive Mooresville, NC 4
    • 3 beds 3 baths ∙ 1,076 Sqft ∙ Built 1995 3 beds 3 baths ∙ 1,076 Sqft ∙ Built 1995
    • Rent
    • Rent Per SQFT
    •  
    • $1,300
    • $1.21
    •  
  • 112 Milbros Lane Mooresville, NC 1
    • 3 beds 2 baths ∙ 1,097 Sqft ∙ Built 1996 3 beds 2 baths ∙ 1,097 Sqft ∙ Built 1996
    LEASED 05/21/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,245
    • $1.13
    •  
  • 166 Mills Forest Lane Mooresville, NC 2
    • 3 beds 2 baths ∙ 1,101 Sqft ∙ Built 1994 3 beds 2 baths ∙ 1,101 Sqft ∙ Built 1994
    LEASED 06/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,295
    • $1.18
    •  
  • 159 Overcreek Road Mooresville, NC 3
    • 3 beds 2 baths ∙ 1,040 Sqft ∙ Built 1994 3 beds 2 baths ∙ 1,040 Sqft ∙ Built 1994
    LEASED 10/19/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,295
    • $1.25
    •  
PROPERTY LISTING DETAILS
Karen Carty
1.704.402.9370
Wilkinson Era Real Estate
BESbswy