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136 Rocky Point Court Mooresville, NC 28115

3 Beds 2 Baths 1,373 sqft Built 2002

$265,000

List Price

$1,220

$1.1K - $1.3K

Rent Est.

PROPERTY INFO

November 12, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2002
  • Price/Sqft : $193.01
  • 4 Days on Market
  • MLS # : 3681747
  • Updated Date : 11/13/2020 at 12:22
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,373 sqft
  • Baths : 2 full
Listing Agent

Exp Realty Llc

Listing Agent's Description

Absolutely stunning brick ranch home with tons of upgrades, large level lot and finishes you just don't see in the 200s. Beautiful shiplap ceilings and hardwood floors! Clean modern kitchen with stainless steal appliances and subway tile backsplash. Open concept kitchen to dinning area/living room, really makes this a great spot for gatherings. Master bedroom features vaulted shiplap ceilings and must see custom walk-in closet. Sliding doors from master opens to a spacious deck that overlooks large fenced in backyard. 12x20 shed conveys. New roof Sept 2018, New HVAC Aug 2018. Freshly painted walls throughout. New Deck 2020. MOVE IN READY! NO HOA! Showings will start on Friday.

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
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
 

$238,500$291,500$265,000

PURCHASE PRICE

$1,098$1,342$1,220

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,220
EXPENSES Loan Payment -$978
Property Tax -$110
Property Insurance -$53
Property Management Fees -$110
CASH FLOW
-$31

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.

$265,000

PROJECTED PRICE

$1,220

PROJECTED RENT

0.46%

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$100k$200k$300k$400k$500k$600k$700k$800k

PROJECTED ANNUAL CASH FLOW

11530-$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$100k$200k$300k$400k$500k$600k$700k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$75,975

INVESTMENT

$75,975

Down Payment
$66,250
Rehab Estimate
$5,750
Closing Costs
$3,975

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$978

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $66,250
Loan Amount $198,750
See What Happens When You Reinvest Cash Flow

4.17

YEARS SAVED

$12,346

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,220

    LIST RENT
  • $0.89

    LIST RENT PER SQFT
  • $1,222

    COMP ESTIMATED VALUE
  • $0.89

    COMP AVG. RENT PER SQFT
Comps Range
$1,200
1$1,2002$1,2203$1,3254$1,4505$1,450
$1,450
RENT COMPS ANALYSIS
  • 136 Rocky Point Court Mooresville, NC 2
    • 3 beds 2 baths ∙ 1,373 Sqft ∙ Built 2002 3 beds 2 baths ∙ 1,373 Sqft ∙ Built 2002
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,220
    • $0.89
    •  
  • 1860 Charlotte Highway Mooresville, NC 1
    • 3 beds 1 baths ∙ 1,432 Sqft ∙ Built 1949 3 beds 1 baths ∙ 1,432 Sqft ∙ Built 1949
    property image
    LEASED 03/13/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,200
    • $0.84
    •  
  • 110 Hartine Court Mooresville, NC 3
    • 3 beds 2 baths ∙ 1,410 Sqft ∙ Built 2001 3 beds 2 baths ∙ 1,410 Sqft ∙ Built 2001
    property image
    LEASED 06/19/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,325
    • $0.94
    •  
  • 110 Creston Court Mooresville, NC 4
    • 4 beds 2 baths ∙ 1,590 Sqft ∙ Built 2000 4 beds 2 baths ∙ 1,590 Sqft ∙ Built 2000
    property image
    LEASED 06/28/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,450
    • $0.91
    •  
  • 241 Brook Glen Drive Mooresville, NC 5
    • 3 beds 3 baths ∙ 1,662 Sqft ∙ Built 2003 3 beds 3 baths ∙ 1,662 Sqft ∙ Built 2003
    property image
    LEASED 12/30/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,450
    • $0.87
    •  
PROPERTY LISTING DETAILS
Steven Custer
1.704.564.2967
Exp Realty Llc
BESbswy