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1326 Bellingham Drive Mooresville, NC 28115

3 Beds 2 Baths 1,425 sqft Built 1987

$234,900

List Price

$1,280

$1.2K - $1.4K

Rent Est.

PROPERTY INFO

FACTS
  • Single Family
  • Built In 1987
  • Price/Sqft : $164.84
  • 12 Days on Market
  • MLS # : 3693392
  • Updated Date : 12/31/2020 at 00:05
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,425 sqft
  • Baths : 2 full
Listing Agent

Exp Realty Llc

Listing Agent's Description

This house is a must see! This house is a fully renovated ranch in the Mooresville Graded School District and only a 2 block walk from Bellingham Park. There are new talbot oak luxury plank floors throughout as well as a fully renovated kitchen. There is a double carport as well as two well maintained storage sheds on the property.

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: White Oaks

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300kPrice in $118k318k

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

Neighborhood: White Oaks

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
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
 

$211,410$258,390$234,900

PURCHASE PRICE

$1,152$1,408$1,280

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,280
EXPENSES Loan Payment -$867
Property Tax -$219
Property Insurance -$54
Property Management Fees -$119
CASH FLOW
$22

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.

$234,900

PROJECTED PRICE

$1,280

PROJECTED RENT

0.54%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.48%
Appreciation Year (1-5) 5.4%
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$100k$200k$300k$400k$500k$600k$700k

PROJECTED ANNUAL CASH FLOW

11530-$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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$67,999

INVESTMENT

$67,999

Down Payment
$58,725
Rehab Estimate
$5,750
Closing Costs
$3,524

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 45% down payment or higher enables the proceeds from the asset to cover all costs.

$867

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $58,725
Loan Amount $176,175
See What Happens When You Reinvest Cash Flow

6.33

YEARS SAVED

$19,857

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,280

    LIST RENT
  • $0.9

    LIST RENT PER SQFT
  • $1,283

    COMP ESTIMATED VALUE
  • $0.9

    COMP AVG. RENT PER SQFT
Comps Range
$1,195
1$1,1952$1,2803$1,2954$1,4155$1,450
$1,450
RENT COMPS ANALYSIS
  • 1326 Bellingham Drive Mooresville, NC 2
    • 3 beds 2 baths ∙ 1,425 Sqft ∙ Built 1987 3 beds 2 baths ∙ 1,425 Sqft ∙ Built 1987
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,280
    • $0.90
    •  
  • 421 Wedgewood Drive Mooresville, NC 1
    • 4 beds 2 baths ∙ 1,398 Sqft ∙ Built 1957 4 beds 2 baths ∙ 1,398 Sqft ∙ Built 1957
    property image
    LEASED 09/05/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,195
    • $0.85
    •  
  • 634 Briarwood Drive Mooresville, NC 3
    • 3 beds 2 baths ∙ 1,525 Sqft ∙ Built 1964 3 beds 2 baths ∙ 1,525 Sqft ∙ Built 1964
    property image
    LEASED 02/27/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,295
    • $0.85
    •  
  • 353 Fieldstone Road Mooresville, NC 4
    • 3 beds 2 baths ∙ 1,567 Sqft ∙ Built 1962 3 beds 2 baths ∙ 1,567 Sqft ∙ Built 1962
    property image
    LEASED 02/18/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,415
    • $0.90
    •  
  • 143 River Birch Circle Mooresville, NC 5
    • 3 beds 2 baths ∙ 1,453 Sqft ∙ Built 2003 3 beds 2 baths ∙ 1,453 Sqft ∙ Built 2003
    property image
    LEASED 05/13/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,450
    • $1.00
    •  
PROPERTY LISTING DETAILS
Warren Gheen
1.252.258.6188
Exp Realty Llc
BESbswy