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128 Madelia Place Mooresville, NC 28115

4 Beds 3 Baths 2,873 sqft Built 2004

$295,000

List Price

$1,780

$1.6K - $2K

Rent Est.

PROPERTY INFO

December 24, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2004
  • Price/Sqft : $102.68
  • 5 Days on Market
  • MLS # : 3693057
  • Updated Date : 12/26/2020 at 13:26
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,873 sqft
  • Baths : 2 full , 1 half
Listing Agent

Covo Realty

Listing Agent's Description

WANTED: New owners to fill my rooms with love! This well maintained 2 story is sure to please. Seller has downsized and this home is ready for a quick sale & move-in. Formal dining room & living room, spacious kitchen/breakfast area open to family room. Upstairs you'll find a huge MBR w/fireplace & MBA with large secondary BR's featuring trey ceilings. Roomy two car garage. Fenced & private backyard ready for your furry family members with large deck with built in seating. Views from the front door overlook a community greenway and offer more privacy. Seller was able to opt out of the HOA requirement when she purchased the home, new owner will be required to pay HOA fees. Large community field/dog area at the corner of Madelia. Community amenities: clubhouse, pool, playground, pond, sidewalks, street lights, walking trails. Close to shopping/dining, DT Mooresville, Lake Norman. Roof-2012, A/C-2014 (Trane),Wtr Htr-2017, Don't delay!

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: Curtis Pond

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280kPrice in $113k288k

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

Neighborhood: Curtis Pond

NeighborhoodNIR Market*CityMarket2010Year20002019 Q290010001100120013001400150016001700Rent in $8421747

* 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
Rocky River Elementary School Primary Regular 637 40 7
Mooresville Intermediate School Middle Regular 745 42 5
Mooresville High School High Regular 1,787 78 8

Rocky River Elementary School

  • Education Level: Primary
  • # of students: 637
  • # of teachers: 40
7
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
 

$265,500$324,500$295,000

PURCHASE PRICE

$1,602$1,958$1,780

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,780
EXPENSES Loan Payment -$1,088
Property Tax -$289
Property Insurance -$81
HOA -$28
Property Management Fees -$119
CASH FLOW
$175

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.

$295,000

PROJECTED PRICE

$1,780

PROJECTED RENT

0.60%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.98%
Appreciation Year (1-5) 6.1%
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

PROJECTED ANNUAL CASH FLOW

11530$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k$14k$16k$18k

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$83,925

INVESTMENT

$83,925

Down Payment
$73,750
Rehab Estimate
$5,750
Closing Costs
$4,425

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 40% down payment or higher enables the proceeds from the asset to cover all costs.

$1,088

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $73,750
Loan Amount $221,250
See What Happens When You Reinvest Cash Flow

7.92

YEARS SAVED

$35,540

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,780

    LIST RENT
  • $0.62

    LIST RENT PER SQFT
  • $1,788

    COMP ESTIMATED VALUE
  • $0.62

    COMP AVG. RENT PER SQFT
Comps Range
$1,645
1$1,6452$1,7003$1,7804$1,7955$1,865
$1,865
RENT COMPS ANALYSIS
  • 128 Madelia Place Mooresville, NC 3
    • 4 beds 3 baths ∙ 2,873 Sqft ∙ Built 2004 4 beds 3 baths ∙ 2,873 Sqft ∙ Built 2004
    • Rent
    • Rent Per SQFT
    •  
    • $1,780
    • $0.62
    •  
  • 366 Rocky River Road Mooresville, NC 1
    • 4 beds 3 baths ∙ 2,820 Sqft ∙ Built 2006 4 beds 3 baths ∙ 2,820 Sqft ∙ Built 2006
    LEASED 02/21/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,645
    • $0.58
    •  
  • 200 Elrosa Road Mooresville, NC 2
    • 4 beds 3 baths ∙ 2,674 Sqft ∙ Built 2006 4 beds 3 baths ∙ 2,674 Sqft ∙ Built 2006
    LEASED 07/13/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,700
    • $0.64
    •  
  • 130 Rusty Nail Drive Mooresville, NC 4
    • 4 beds 3 baths ∙ 2,964 Sqft ∙ Built 2006 4 beds 3 baths ∙ 2,964 Sqft ∙ Built 2006
    LEASED 02/24/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,795
    • $0.61
    •  
  • 123 Elba Drive Mooresville, NC 5
    • 4 beds 3 baths ∙ 2,829 Sqft ∙ Built 2005 4 beds 3 baths ∙ 2,829 Sqft ∙ Built 2005
    LEASED 05/29/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,865
    • $0.66
    •  
PROPERTY LISTING DETAILS
Corinne Deuel
1.704.201.5087
Covo Realty
BESbswy