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125 Red Tip Lane Mooresville, NC 28117

4 Beds 3 Baths 2,102 sqft Built 1997

$274,900

List Price

$1,510

$1.4K - $1.7K

Rent Est.

PROPERTY INFO

November 29, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1997
  • Price/Sqft : $130.78
  • 2 Days on Market
  • MLS # : 3686678
  • Updated Date : 11/28/2020 at 22:30
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,102 sqft
  • Baths : 2 full , 1 half
Listing Agent

Mooresville Realty Llc

Listing Agent's Description

Just minutes from shopping, dining, Lake Norman and I-77! This beautiful 4 bedroom home features a spacious family room and cozy fireplace that flow seamlessly into the kitchen. The fireplace is gas, but can be converted into wood. An elegant dining room looks out to the back yard and a formal living room faces the front. Upstairs you will find 2 full bathrooms, 4 nicely sized bedrooms including the master, 2 similarly sized bedrooms and 1 larger bedroom that can be used as a bonus room! Paradise is right outside your back door with this private, fenced in back yard featuring a large deck, a hot tub, a play set, beautifully maintained yard, 2 large sheds (1 features marine board flooring to keep your belongings nice and dry), and a separate fenced in garden area with black raspberry bushes! Nestled in a great neighborhood with access to Reed Creek Park! Come see this one soon - it will go fast!

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • 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)

PRICE & RENT TRENDS

Neighborhood: Reed Creek

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280kPrice in $113k288k

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

Neighborhood: Reed Creek

NeighborhoodNIR 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
South Elementary School Primary Regular 559 34 6
Mooresville Intermediate School Middle Regular 745 42 5
Mooresville High School High Regular 1,787 78 8

South Elementary School

  • Education Level: Primary
  • # of students: 559
  • # of teachers: 34
6
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
 

$247,410$302,390$274,900

PURCHASE PRICE

$1,359$1,661$1,510

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,510
EXPENSES Loan Payment -$1,014
Property Tax -$256
Property Insurance -$67
HOA -$8
Property Management Fees -$136
CASH FLOW
$30

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.

$274,900

PROJECTED PRICE

$1,510

PROJECTED RENT

0.55%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.98%
Appreciation Year (1-5) 5.5%
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$100k$200k$300k$400k$500k$600k$700k$800k

PROJECTED ANNUAL CASH FLOW

11530-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k$10k

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$78,599

INVESTMENT

$78,599

Down Payment
$68,725
Rehab Estimate
$5,750
Closing Costs
$4,124

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 50% down payment or higher enables the proceeds from the asset to cover all costs.

$1,014

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $68,725
Loan Amount $206,175
See What Happens When You Reinvest Cash Flow

4.58

YEARS SAVED

$15,409

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,510

    LIST RENT
  • $0.72

    LIST RENT PER SQFT
  • $1,629

    COMP ESTIMATED VALUE
  • $0.78

    COMP AVG. RENT PER SQFT
Comps Range
$1,510
1$1,5102$1,5503$1,6504$1,6955$1,735
$1,735
RENT COMPS ANALYSIS
  • 125 Red Tip Lane Mooresville, NC 1
    • 4 beds 3 baths ∙ 2,102 Sqft ∙ Built 1997 4 beds 3 baths ∙ 2,102 Sqft ∙ Built 1997
    • Rent
    • Rent Per SQFT
    •  
    • $1,510
    • $0.72
    •  
  • 215 Rose Street Mooresville, NC 2
    • 4 beds 3 baths ∙ 2,014 Sqft ∙ Built 1993 4 beds 3 baths ∙ 2,014 Sqft ∙ Built 1993
    LEASED 10/15/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,550
    • $0.77
    •  
  • 102 Easy Street Mooresville, NC 3
    • 4 beds 3 baths ∙ 2,176 Sqft ∙ Built 1997 4 beds 3 baths ∙ 2,176 Sqft ∙ Built 1997
    LEASED 07/23/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,650
    • $0.76
    •  
  • 103 Meadow Pond Lane Mooresville, NC 4
    • 4 beds 3 baths ∙ 2,100 Sqft ∙ Built 1999 4 beds 3 baths ∙ 2,100 Sqft ∙ Built 1999
    LEASED 03/09/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,695
    • $0.81
    •  
  • 111 Rolling Stone Court Mooresville, NC 5
    • 4 beds 3 baths ∙ 2,277 Sqft ∙ Built 1997 4 beds 3 baths ∙ 2,277 Sqft ∙ Built 1997
    LEASED 01/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,735
    • $0.76
    •  
PROPERTY LISTING DETAILS
Lisa Cernuto
1.704.663.0990
Mooresville Realty Llc
BESbswy