Work with a dedicated Real Estate Advisor who will take your financial preferences and help you select and acquire properties that fit your criteria. Learn more

135 Elba Drive Mooresville, NC 28115

4 Beds 3 Baths 2,960 sqft Built 2005

INVESTimate

$325,000

List Price

$1,730

$1,557 - $1,903

Rent Est.

$344,793  ( +6.09%)   1 YR EST. FORECAST

PROPERTY INFO

August 21, 2020 RECENTLY ADDED
FACTS
  • Built In 2005
  • Price/Sqft : $109.80
  • 6 Days on Market
  • MLS # : 3654177
  • Updated Date : 08/24/2020 at 14:09
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,960 sqft
  • Baths : 3 full
Listing Agent

Exp Realty Llc

Listing Agent's Description

Incredibly maintained 4/5 bedroom home in sought after Curtis Pond w award winning MGSD schools. This is the perfect home and community for a growing family. The main level of this home features a two story sunken living room w fireplace, formal dining room, large kitchen w island, home office w french doors and a guest bedroom w full bath. Upstairs you will find a huge master with tray ceilings & fans, his/her closets, private seating area, water closet & double vanity. The secondary bedrooms include a Jack & Jill bathroom. Additionally you'll love the spacious loft & convenience of the upper level laundry room. Not to be overlooked is the fully sodded backyard (new 2018) which is a true entertainers delight. With a fully fenced yard and boasting a 12 x 24 in-ground salt water heated pool (new 2018), concrete patio and a 12 x 16 shed (new 2018) you will enjoy year round entertainment without ever having to leave your home. Be aware this home in this community will not be around long.

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: 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
 

$292,500$357,500$325,000

PURCHASE PRICE

$1,557$1,903$1,730

RENT

DOWN PAYMENT
FINANCING

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$200k$400k$600k$800k$1.0M

PROJECTED ANNUAL CASH FLOW

11530-$4.0k-$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$200k$400k$600k$800k

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,730
EXPENSES Loan Payment -$1,199
Property Tax -$308
Property Insurance -$83
HOA -$28
Property Management Fees -$156
CASH FLOW
-$43

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.

$325,000

PROJECTED PRICE

$1,730

PROJECTED RENT

0.53%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.98%
Appreciation Year (1-5) 6.09%
Maintenance Year (1-5) 8.00%
Vacancy 6.57%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$91,875

INVESTMENT

$91,875

Down Payment
$81,250
Rehab Estimate
$5,750
Closing Costs
$4,875

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,199

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $81,250
Loan Amount $243,750
See What Happens When You Reinvest Cash Flow

3.42

YEARS SAVED

$11,792

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,730

    LIST RENT
  • $0.58

    LIST RENT PER SQFT
  • $1,850

    COMP ESTIMATED VALUE
  • $0.63

    COMP AVG. RENT PER SQFT
Comps Range
$1,730
1$1,7302$1,8203$1,8504$1,8655$1,899
$1,899
RENT COMPS ANALYSIS
  • 135 Elba Drive Mooresville, NC 1
    • 4 beds 3 baths ∙ 2,960 Sqft ∙ Built 2005 4 beds 3 baths ∙ 2,960 Sqft ∙ Built 2005
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,730
    • $0.58
    •  
  • 199 Scanlon Road Mooresville, NC 2
    • 4 beds 3 baths ∙ 2,829 Sqft ∙ Built 2005 4 beds 3 baths ∙ 2,829 Sqft ∙ Built 2005
    property image
    LEASED 10/03/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,820
    • $0.64
    •  
  • 134 Ashton Drive Mooresville, NC 3
    • 4 beds 3 baths ∙ 3,142 Sqft ∙ Built 2012 4 beds 3 baths ∙ 3,142 Sqft ∙ Built 2012
    property image
    LEASED 04/27/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,850
    • $0.59
    •  
  • 123 Elba Drive Mooresville, NC 4
    • 4 beds 3 baths ∙ 2,829 Sqft ∙ Built 2005 4 beds 3 baths ∙ 2,829 Sqft ∙ Built 2005
    property image
    LEASED 05/29/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,865
    • $0.66
    •  
  • 378 Almora Loop Mooresville, NC 5
    • 4 beds 3 baths ∙ 3,151 Sqft ∙ Built 2007 4 beds 3 baths ∙ 3,151 Sqft ∙ Built 2007
    property image
    LEASED 03/05/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,899
    • $0.60
    •  
PROPERTY LISTING DETAILS
Thomas Hocker
1.888.584.9431
Exp Realty Llc
BESbswy