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128 Gabriel Drive Mooresville, NC 28115

3 Beds 3 Baths 2,455 sqft Built 1999

$310,000

List Price

$1,540

$1.4K - $1.7K

Rent Est.

PROPERTY INFO

December 05, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1999
  • Price/Sqft : $126.27
  • 4 Days on Market
  • MLS # : 3688056
  • Updated Date : 12/05/2020 at 13:13
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,455 sqft
  • Baths : 2 full , 1 half
Listing Agent

Lake Norman Realty Inc

Listing Agent's Description

This meticulously kept home has so much to offer. Owner Suite on the Main level. Two Bedrooms plus bonus room which can be used as a 4th Bedroom upstairs. A two-story great room with a gas fireplace is open to the updated kitchen with granite countertops, stainless steel appliances, tile floors. The eat-in kitchen overlooks the back deck and fenced in yard. This house has so much storage. Attic, Bonus room side closets, and dry crawl space. Large corner lot side load 2 car garage. Back yard has space for a pool.

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • 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)

PRICE & RENT TRENDS

Neighborhood: Gabriel Estates

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280kPrice in $113k288k

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

Neighborhood: Gabriel Estates

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
Shepherd Elementary School Primary Regular 491 29 5
Lakeshore Middle School Middle Regular 514 29 7
South Iredell High School High Regular 1,505 92 5

Shepherd Elementary School

  • Education Level: Primary
  • # of students: 491
  • # of teachers: 29
5
GreatSchools Rating

Lakeshore Middle School

  • Education Level: Middle
  • # of students: 514
  • # of teachers: 29
7
GreatSchools Rating

South Iredell High School

  • Education Level: High
  • # of students: 1,505
  • # of teachers: 92
5
GreatSchools Rating
 

$279,000$341,000$310,000

PURCHASE PRICE

$1,386$1,694$1,540

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,540
EXPENSES Loan Payment -$1,144
Property Tax -$289
Property Insurance -$73
HOA -$12
Property Management Fees -$119
CASH FLOW
-$96

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.

$310,000

PROJECTED PRICE

$1,540

PROJECTED RENT

0.50%

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

PROJECTED ANNUAL CASH FLOW

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

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$100k$200k$300k$400k$500k$600k$700k$800k$900k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$87,900

INVESTMENT

$87,900

Down Payment
$77,500
Rehab Estimate
$5,750
Closing Costs
$4,650

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 55% down payment or higher enables the proceeds from the asset to cover all costs.

$1,144

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $77,500
Loan Amount $232,500
See What Happens When You Reinvest Cash Flow

3.58

YEARS SAVED

$11,729

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,540

    LIST RENT
  • $0.63

    LIST RENT PER SQFT
  • $1,608

    COMP ESTIMATED VALUE
  • $0.66

    COMP AVG. RENT PER SQFT
Comps Range
$1,540
1$1,5402$1,5453$1,5504$1,6755$1,750
$1,750
RENT COMPS ANALYSIS
  • 128 Gabriel Drive Mooresville, NC 1
    • 3 beds 3 baths ∙ 2,455 Sqft ∙ Built 1999 3 beds 3 baths ∙ 2,455 Sqft ∙ Built 1999
    • Rent
    • Rent Per SQFT
    •  
    • $1,540
    • $0.63
    •  
  • 179 Grayland Road Mooresville, NC 2
    • 4 beds 3 baths ∙ 2,446 Sqft ∙ Built 2000 4 beds 3 baths ∙ 2,446 Sqft ∙ Built 2000
    LEASED 07/18/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,545
    • $0.63
    •  
  • 105 Gabriel Drive Mooresville, NC 3
    • 4 beds 2 baths ∙ 2,420 Sqft ∙ Built 1999 4 beds 2 baths ∙ 2,420 Sqft ∙ Built 1999
    LEASED 07/10/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,550
    • $0.64
    •  
  • 183 Sassafras Road Mooresville, NC 4
    • 4 beds 3 baths ∙ 2,450 Sqft ∙ Built 2017 4 beds 3 baths ∙ 2,450 Sqft ∙ Built 2017
    LEASED 06/18/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,675
    • $0.68
    •  
  • 157 Chollywood Drive Mooresville, NC 5
    • 4 beds 3 baths ∙ 2,726 Sqft ∙ Built 2014 4 beds 3 baths ∙ 2,726 Sqft ∙ Built 2014
    LEASED 04/04/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,750
    • $0.64
    •  
PROPERTY LISTING DETAILS
Lori Kindle
1.704.928.5022
Lake Norman Realty Inc
BESbswy