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136 Collenton Lane # 52 Mooresville, NC 28115

4 Beds 3 Baths 2,634 sqft Built 2010

INVESTimate

$294,400

List Price

$1,650

$1,485 - $1,815

Rent Est.

$310,209  ( +5.37%)   1 YR EST. FORECAST

PROPERTY INFO

August 22, 2020 RECENTLY ADDED
FACTS
  • Built In 2010
  • Price/Sqft : $111.77
  • 5 Days on Market
  • MLS # : 3654198
  • Updated Date : 08/22/2020 at 09:09
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,634 sqft
  • Baths : 2 full , 1 half
Listing Agent

Southern Homes Of The Carolinas

Listing Agent's Description

This Welcoming Home in an Established Mooresville Neighborhood is waiting for its New Owners. This home on an Ideal Triangle Lot has an Open Concept layout. Large Dinning Room, Expansive Kitchen with Walk-in Pantry and Plenty of Cabinetry. the Granite Countertops complete the Large Space and flow right into the Living Room. Where you will find Ample Space for Family and Friends. Gather around the Gas Fireplace or meet in the Open Office where you can get some work done while Entertaining the Kids. Or set this space as the Homeschooling Spot for those kiddos. Upstairs you will find rooms that everyone will love. No one will be getting the short stick with a small room here. Although you might hear a tif over the room with a walk in closet. Dont worry because you walk down the hall to the Master Sanctuary with Over 300 (+/- 18x18) Square Ft of Living Space. Not including the Master Bath that boast a tub and separate shower. Seller freshly painted with an inviting gray prior to listing.

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

Zip Code: 28115

ZipNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280kPrice in $113k288k

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

Zip Code: 28115

ZipNIR 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
East Mooresville Intermediate School Primary Regular 625 33 7
East Mooresville Intermediate School Middle Regular 625 33 7
Mooresville High School High Regular 1,787 78 8

East Mooresville Intermediate School

  • Education Level: Primary
  • # of students: 625
  • # of teachers: 33
7
GreatSchools Rating

East Mooresville Intermediate School

  • Education Level: Middle
  • # of students: 625
  • # of teachers: 33
7
GreatSchools Rating

Mooresville High School

  • Education Level: High
  • # of students: 1,787
  • # of teachers: 78
8
GreatSchools Rating
 

$264,960$323,840$294,400

PURCHASE PRICE

$1,485$1,815$1,650

RENT

DOWN PAYMENT
FINANCING

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

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

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$700k$800k

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,650
EXPENSES Loan Payment -$1,086
Property Tax -$275
Property Insurance -$77
HOA -$23
Property Management Fees -$149
CASH FLOW
$40

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.

$294,400

PROJECTED PRICE

$1,650

PROJECTED RENT

0.56%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.98%
Appreciation Year (1-5) 5.37%
Maintenance Year (1-5) 8.00%
Vacancy 6.57%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$83,766

INVESTMENT

$83,766

Down Payment
$73,600
Rehab Estimate
$5,750
Closing Costs
$4,416

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,086

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $73,600
Loan Amount $220,800
See What Happens When You Reinvest Cash Flow

4.58

YEARS SAVED

$16,923

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,650

    LIST RENT
  • $0.63

    LIST RENT PER SQFT
  • $1,844

    COMP ESTIMATED VALUE
  • $0.7

    COMP AVG. RENT PER SQFT
Comps Range
$1,650
1$1,6502$1,6953$1,8004$1,8005$1,895
$1,895
RENT COMPS ANALYSIS
  • 136 Collenton Lane Mooresville, NC 1
    • 4 beds 3 baths ∙ 2,634 Sqft ∙ Built 2010 4 beds 3 baths ∙ 2,634 Sqft ∙ Built 2010
    • Rent
    • Rent Per SQFT
    •  
    • $1,650
    • $0.63
    •  
  • 107 Lacona Trace Mooresville, NC 2
    • 4 beds 3 baths ∙ 2,486 Sqft ∙ Built 2007 4 beds 3 baths ∙ 2,486 Sqft ∙ Built 2007
    LEASED 10/10/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,695
    • $0.68
    •  
  • 157 King William Drive Mooresville, NC 3
    • 4 beds 3 baths ∙ 2,645 Sqft ∙ Built 4 beds 3 baths ∙ 2,645 Sqft ∙ Built
    LEASED 06/04/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,800
    • $0.68
    •  
  • 194 N Cromwell Drive Mooresville, NC 4
    • 5 beds 3 baths ∙ 2,495 Sqft ∙ Built 2018 5 beds 3 baths ∙ 2,495 Sqft ∙ Built 2018
    LEASED 07/24/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,800
    • $0.72
    •  
  • 145 Eden Avenue Mooresville, NC 5
    • 4 beds 3 baths ∙ 2,628 Sqft ∙ Built 2018 4 beds 3 baths ∙ 2,628 Sqft ∙ Built 2018
    LEASED 02/13/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,895
    • $0.72
    •  
PROPERTY LISTING DETAILS
Beth Sterner
1.980.228.1051
Southern Homes Of The Carolinas
BESbswy