Work with a dedicated Real Estate Advisor who will take your financial preferences and help you select and acquire properties that fit your criteria. Learn more

119 Paradise Hills Circle Mooresville, NC 28115

5 Beds 4 Baths 3,360 sqft Built 2017

$370,000

List Price

$2,160

$1.9K - $2.4K

Rent Est.

PROPERTY INFO

January 15, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2017
  • Price/Sqft : $110.12
  • 5 Days on Market
  • MLS # : 3698424
  • Updated Date : 01/15/2021 at 18:56
CONSTRUCTION
  • Beds : 5
  • Floor Size : 3,360 sqft
  • Baths : 4 full
Listing Agent

Ronald Scott Properties Inc

Listing Agent's Description

Welcome home to this well maintained move in ready home nestled in the desired community of Avalon. This home has it all including a modern open floor plan, custom gourmet style cabinets, granite countertops, glass shower and garden tub in the master, large oversized master with walk in closet, bonus sunroom on the main, bonus room upstairs, large dining room and sitting area off the foyer and much more. So much curb appeal with fresh landscaping and fenced in yard. Minutes from downtown Mooresville shopping and dining. Also highly desired Mooresville graded school district.

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: 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
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
 

$333,000$407,000$370,000

PURCHASE PRICE

$1,944$2,376$2,160

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,160
EXPENSES Loan Payment -$1,285
Property Tax -$348
Property Insurance -$90
HOA -$46
Property Management Fees -$119
CASH FLOW
$272

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 15% of earned rent to cover both maintenance and periods of vacancy.

$370,000

PROJECTED PRICE

$2,160

PROJECTED RENT

0.58%

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) 8.00%
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$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$103,800

INVESTMENT

$103,800

Down Payment
$92,500
Rehab Estimate
$5,750
Closing Costs
$5,550

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,285

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $92,500
Loan Amount $277,500
See What Happens When You Reinvest Cash Flow

8.58

YEARS SAVED

$43,221

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,160

    LIST RENT
  • $0.64

    LIST RENT PER SQFT
  • $2,150

    COMP ESTIMATED VALUE
  • $0.64

    COMP AVG. RENT PER SQFT
Comps Range
$1,995
1$1,9952$2,0003$2,1604$2,1755$2,200
$2,200
RENT COMPS ANALYSIS
  • 119 Paradise Hills Circle Mooresville, NC 3
    • 5 beds 4 baths ∙ 3,360 Sqft ∙ Built 2017 5 beds 4 baths ∙ 3,360 Sqft ∙ Built 2017
    • Rent
    • Rent Per SQFT
    •  
    • $2,160
    • $0.64
    •  
  • 111 Rougemont Lane Mooresville, NC 1
    • 5 beds 5 baths ∙ 3,202 Sqft ∙ Built 2012 5 beds 5 baths ∙ 3,202 Sqft ∙ Built 2012
    LEASED 03/02/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,995
    • $0.62
    •  
  • 112 Weeping Spring Drive Mooresville, NC 2
    • 5 beds 4 baths ∙ 3,278 Sqft ∙ Built 2002 5 beds 4 baths ∙ 3,278 Sqft ∙ Built 2002
    LEASED 10/28/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,000
    • $0.61
    •  
  • 184 Glastonbury Drive Mooresville, NC 4
    • 5 beds 3 baths ∙ 3,271 Sqft ∙ Built 2017 5 beds 3 baths ∙ 3,271 Sqft ∙ Built 2017
    LEASED 07/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,175
    • $0.66
    •  
  • 134 Cole Drive Mooresville, NC 5
    • 5 beds 4 baths ∙ 3,458 Sqft ∙ Built 2012 5 beds 4 baths ∙ 3,458 Sqft ∙ Built 2012
    LEASED 10/07/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,200
    • $0.64
    •  
PROPERTY LISTING DETAILS
Philip Ostwalt
1.704.928.5555
Ronald Scott Properties Inc
BESbswy