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119 Castleton Drive Mooresville, NC 28117

5 Beds 3 Baths 2,915 sqft Built 1996

$365,000

List Price

$2,110

$1.9K - $2.3K

Rent Est.

PROPERTY INFO

February 06, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1996
  • Price/Sqft : $125.21
  • 2 Days on Market
  • MLS # : 3704325
  • Updated Date : 02/06/2021 at 15:18
CONSTRUCTION
  • Beds : 5
  • Floor Size : 2,915 sqft
  • Baths : 2 full , 1 half
Listing Agent

Keller Williams Ballantyne Area

Listing Agent's Description

WELCOME HOME!! This house is SO unique, that you need to see it for yourself in person. The layout is SUPER cool downstairs, and the bonus room feels "hidden", which makes it the perfect "man cave" or play room. Newly remodeled kitchen, all hardwoods downstairs, 5 bedrooms, 2.5 baths, TONS of storage space, attached 2 car garage, butler's pantry, drop zone from the garage, etc etc. YOU SERIOUSLY MUST SEE THIS HOME!! Community offers two pools (one with lake view) and a community boat ramp!

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

Neighborhood: Wyndham Shores

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300kPrice in $118k318k

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

Neighborhood: Wyndham Shores

NeighborhoodNIR Market*CityMarket2010Year20002019 Q29001000110012001300140015001600170018001900Rent in $8441915

* 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
Lake Norman Elementary School Primary Regular 495 28 8
Brawley Middle School Middle Regular 746 41 7
Lake Norman High School High Regular 1,865 88 8

Lake Norman Elementary School

  • Education Level: Primary
  • # of students: 495
  • # of teachers: 28
8
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
 

$328,500$401,500$365,000

PURCHASE PRICE

$1,899$2,321$2,110

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,110
EXPENSES Loan Payment -$1,268
Property Tax -$357
Property Insurance -$82
HOA -$46
Property Management Fees -$119
CASH FLOW
$238

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.

$365,000

PROJECTED PRICE

$2,110

PROJECTED RENT

0.58%

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$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$102,475

INVESTMENT

$102,475

Down Payment
$91,250
Rehab Estimate
$5,750
Closing Costs
$5,475

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,268

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $91,250
Loan Amount $273,750
See What Happens When You Reinvest Cash Flow

8.75

YEARS SAVED

$44,024

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,110

    LIST RENT
  • $0.72

    LIST RENT PER SQFT
  • $2,143

    COMP ESTIMATED VALUE
  • $0.74

    COMP AVG. RENT PER SQFT
Comps Range
$2,045
1$2,0452$2,1003$2,1104$2,1505$2,200
$2,200
RENT COMPS ANALYSIS
  • 119 Castleton Drive Mooresville, NC 3
    • 5 beds 3 baths ∙ 2,915 Sqft ∙ Built 1996 5 beds 3 baths ∙ 2,915 Sqft ∙ Built 1996
    • Rent
    • Rent Per SQFT
    •  
    • $2,110
    • $0.72
    •  
  • 111 Swamp Rose Drive Mooresville, NC 1
    • 4 beds 3 baths ∙ 2,751 Sqft ∙ Built 2015 4 beds 3 baths ∙ 2,751 Sqft ∙ Built 2015
    LEASED 01/07/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,045
    • $0.74
    •  
  • 146 Cherry Bark Drive Mooresville, NC 2
    • 4 beds 3 baths ∙ 2,740 Sqft ∙ Built 2014 4 beds 3 baths ∙ 2,740 Sqft ∙ Built 2014
    LEASED 02/04/21
    • Rent
    • Rent Per SQFT
    •  
    • $2,100
    • $0.77
    •  
  • 129 Castleton Drive Mooresville, NC 4
    • 5 beds 4 baths ∙ 3,086 Sqft ∙ Built 1996 5 beds 4 baths ∙ 3,086 Sqft ∙ Built 1996
    LEASED 01/10/21
    • Rent
    • Rent Per SQFT
    •  
    • $2,150
    • $0.70
    •  
  • 103 Hayden Court Mooresville, NC 5
    • 4 beds 3 baths ∙ 3,022 Sqft ∙ Built 1999 4 beds 3 baths ∙ 3,022 Sqft ∙ Built 1999
    LEASED 11/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,200
    • $0.73
    •  
PROPERTY LISTING DETAILS
Jessica Pegg
1.980.229.9798
Keller Williams Ballantyne Area
BESbswy