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125 E Fenway Avenue Mooresville, NC 28117

4 Beds 3 Baths 2,294 sqft Built 2006

$300,000

List Price

$1,940

$1.7K - $2.1K

Rent Est.

PROPERTY INFO

FACTS
  • Single Family
  • Built In 2006
  • Price/Sqft : $130.78
  • 9 Days on Market
  • MLS # : 3694880
  • Updated Date : 01/09/2021 at 12:36
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,294 sqft
  • Baths : 2 full , 1 half
Listing Agent

Nexthome World Class

Listing Agent's Description

This beautiful home is a must see! Four bedrooms provide enough space for the entire family. Home office is perfect for the remote worker. Enjoy the fresh air relaxing on the beautiful covered front porch. Backyard is already fenced in and neighborhood has pool and play area. Home is located minutes from shopping, dinning, and more.

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: Water Oak at Lake Norman

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300kPrice in $118k318k

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

Neighborhood: Water Oak at Lake Norman

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2900100011001200130014001500160017001800Rent in $8441809

* 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
 

$270,000$330,000$300,000

PURCHASE PRICE

$1,746$2,134$1,940

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,940
EXPENSES Loan Payment -$1,042
Property Tax -$291
Property Insurance -$70
HOA -$52
Property Management Fees -$119
CASH FLOW
$366

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.

$300,000

PROJECTED PRICE

$1,940

PROJECTED RENT

0.65%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.48%
Appreciation Year (1-5) 3.9%
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

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$100k$200k$300k$400k$500k$600k$700k$800k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$85,250

INVESTMENT

$85,250

Down Payment
$75,000
Rehab Estimate
$5,750
Closing Costs
$4,500

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 30% down payment or higher enables the proceeds from the asset to cover all costs.

$1,042

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $75,000
Loan Amount $225,000
See What Happens When You Reinvest Cash Flow

11.58

YEARS SAVED

$53,680

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,940

    LIST RENT
  • $0.85

    LIST RENT PER SQFT
  • $1,910

    COMP ESTIMATED VALUE
  • $0.83

    COMP AVG. RENT PER SQFT
Comps Range
$1,800
1$1,8002$1,8653$1,9404$1,9505$2,000
$2,000
RENT COMPS ANALYSIS
  • 125 E Fenway Avenue Mooresville, NC 3
    • 4 beds 3 baths ∙ 2,294 Sqft ∙ Built 2006 4 beds 3 baths ∙ 2,294 Sqft ∙ Built 2006
    • Rent
    • Rent Per SQFT
    •  
    • $1,940
    • $0.85
    •  
  • 107 Riding Trail Mooresville, NC 1
    • 4 beds 3 baths ∙ 2,342 Sqft ∙ Built 2003 4 beds 3 baths ∙ 2,342 Sqft ∙ Built 2003
    LEASED 04/13/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,800
    • $0.77
    •  
  • 156 Blossom Ridge Drive Mooresville, NC 2
    • 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
    •  
  • 105 Wendover Trace S Mooresville, NC 4
    • 4 beds 3 baths ∙ 2,365 Sqft ∙ Built 2003 4 beds 3 baths ∙ 2,365 Sqft ∙ Built 2003
    LEASED 11/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,950
    • $0.82
    •  
  • 185 Water Oak Drive Mooresville, NC 5
    • 3 beds 3 baths ∙ 2,120 Sqft ∙ Built 3 beds 3 baths ∙ 2,120 Sqft ∙ Built
    LEASED 09/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,000
    • $0.94
    •  
PROPERTY LISTING DETAILS
William Sheppard
1.704.780.0078
Nexthome World Class
BESbswy