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119 Candlelight Way #88 Mooresville, NC 28115

5 Beds 4 Baths 2,558 sqft Built 2021

$353,888

List Price

$1,840

$1.7K - $2K

Rent Est.

PROPERTY INFO

Built 2021 NEW CONSTRUCTION
January 09, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2021
  • Price/Sqft : $138.35
  • 2 Days on Market
  • MLS # : 3697149
  • Updated Date : 01/09/2021 at 15:14
CONSTRUCTION
  • Beds : 5
  • Floor Size : 2,558 sqft
  • Baths : 4 full
Listing Agent

Dr Horton Inc

Listing Agent's Description

The Meadows at Coddle Creek is a brand-new community located on Hwy. 3 just south of Mooresville. The community has a pool, cabana, and bocce ball court for homeowner’s entertainment. Walking trails coming soon. The Fleetwood floorplan is an open plan that is perfect for entertaining. Features include Revwood flooring in the foyer & living area, 2-piece crown molding, wainscot molding in the foyer, granite countertops in kitchen & bathrooms, ceramic tile shower in Owner’s bathroom, stainless steel appliances and tankless gas water heater. Home Is Connected includes programmable thermostat, Z-Wave door lock and wireless switch, touchscreen control device, automation platform, video doorbell, and Amazon Echo and Echo Dot. All home features are subject to change without notice. Internet service not included.

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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: 28115

ZipNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280kPrice in $113k288k

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

Zip Code: 28115

ZipNIR Market*CityMarket2010Year20002019 Q29001000110012001300140015001600Rent in $8421614

* 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
Rocky River Elementary School Primary Regular 637 40 7
Mooresville Intermediate School Middle Regular 745 42 5
Mooresville High School High Regular 1,787 78 8

Rocky River Elementary School

  • Education Level: Primary
  • # of students: 637
  • # of teachers: 40
7
GreatSchools Rating

Mooresville Intermediate School

  • Education Level: Middle
  • # of students: 745
  • # of teachers: 42
5
GreatSchools Rating

Mooresville High School

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

$318,499$389,277$353,888

PURCHASE PRICE

$1,656$2,024$1,840

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,840
EXPENSES Loan Payment -$1,229
Property Tax -$327
Property Insurance -$75
HOA -$63
Property Management Fees -$119
CASH FLOW
$27

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 10% of earned rent to cover both maintenance and periods of vacancy.

$353,888

PROJECTED PRICE

$1,840

PROJECTED RENT

0.52%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.98%
Appreciation Year (1-5) 5.4%
Maintenance Year (1-5) 3.00%
Vacancy 6.57%
Length of Stay Years 2

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$200k$400k$600k$800k$1.0M

PROJECTED ANNUAL CASH FLOW

11530-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k$14k$16k

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$95,780

INVESTMENT

$95,780

Down Payment
$88,472
Rehab Estimate
$2,000
Closing Costs
$5,308

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,229

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $88,472
Loan Amount $265,416
See What Happens When You Reinvest Cash Flow

5.25

YEARS SAVED

$19,428

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,840

    LIST RENT
  • $0.72

    LIST RENT PER SQFT
  • $1,771

    COMP ESTIMATED VALUE
  • $0.69

    COMP AVG. RENT PER SQFT
Comps Range
$1,615
1$1,6152$1,6503$1,8004$1,8405$1,945
$1,945
RENT COMPS ANALYSIS
  • 119 Candlelight Way Mooresville, NC 4
    • 5 beds 4 baths ∙ 2,558 Sqft ∙ Built 2021 5 beds 4 baths ∙ 2,558 Sqft ∙ Built 2021
    • Rent
    • Rent Per SQFT
    •  
    • $1,840
    • $0.72
    •  
  • 232 Elrosa Road Mooresville, NC 1
    • 4 beds 3 baths ∙ 2,530 Sqft ∙ Built 2015 4 beds 3 baths ∙ 2,530 Sqft ∙ Built 2015
    LEASED 03/06/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,615
    • $0.64
    •  
  • 104 Gilden Way Mooresville, NC 2
    • 4 beds 3 baths ∙ 2,631 Sqft ∙ Built 2006 4 beds 3 baths ∙ 2,631 Sqft ∙ Built 2006
    LEASED 02/11/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,650
    • $0.63
    •  
  • 132 Gilden Way Mooresville, NC 3
    • 4 beds 3 baths ∙ 2,384 Sqft ∙ Built 2011 4 beds 3 baths ∙ 2,384 Sqft ∙ Built 2011
    LEASED 10/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,800
    • $0.76
    •  
  • 178 Glenn Allen Road Mooresville, NC 5
    • 4 beds 3 baths ∙ 2,631 Sqft ∙ Built 2006 4 beds 3 baths ∙ 2,631 Sqft ∙ Built 2006
    LEASED 10/18/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,945
    • $0.74
    •  
PROPERTY LISTING DETAILS
Thomas Dellinger
1.910.723.5373
Dr Horton Inc
BESbswy