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137 Cup Chase Drive #203 Mooresville, NC 28115

4 Beds 3 Baths 2,671 sqft Built 2021

$334,559

List Price

$1,830

$1.6K - $2K

Rent Est.

PROPERTY INFO

Built 2021 NEW CONSTRUCTION
FACTS
  • Single Family
  • Built In 2021
  • Price/Sqft : $125.26
  • 66 Days on Market
  • MLS # : 3680164
  • Updated Date : 11/23/2020 at 12:33
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,671 sqft
  • Baths : 3 full
Listing Agent

Dr Horton Inc

Listing Agent's Description

The Meadows at Coddle Creek is a new community located on Hwy. 3 just south of Mooresville. The community has a pool, cabana, and bocce ball court for home owners entertainment. All of which are completed. Walking trails coming soon. Included in the monthly HOA dues will be home site lawn maintenance. The Dover floorplan is an open plan that is perfect for entertaining featuring a great island. Additional features include 2 piece crown molding, wainscot molding in the foyer, granite counter tops in kitchen & bathrooms, ceramic tile shower in master bathroom, stainless steel appliances, tankless gas water heater, 2nd floor game room, bedroom & full bath, a smart home system and a covered rear porch. Smart Home includes programmable thermostat, Z-Wave door lock and wireless switch, touchscreen control device, automation platform, video doorbell, and Amazon Echo and Echo Dot. All home features are subject to change without notice. Internet service not included.

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

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
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
 

$301,103$368,015$334,559

PURCHASE PRICE

$1,647$2,013$1,830

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,830
EXPENSES Loan Payment -$1,162
Property Tax -$309
Property Insurance -$77
HOA -$163
Property Management Fees -$119
CASH FLOW
$0

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 10% of earned rent to cover both maintenance and periods of vacancy.

$334,559

PROJECTED PRICE

$1,830

PROJECTED RENT

0.55%

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) 3.00%
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-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k$14k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$90,658

INVESTMENT

$90,658

Down Payment
$83,640
Rehab Estimate
$2,000
Closing Costs
$5,018

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,162

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $83,640
Loan Amount $250,919
See What Happens When You Reinvest Cash Flow

4.5

YEARS SAVED

$15,003

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,830

    LIST RENT
  • $0.69

    LIST RENT PER SQFT
  • $1,816

    COMP ESTIMATED VALUE
  • $0.68

    COMP AVG. RENT PER SQFT
Comps Range
$1,595
1$1,5952$1,6953$1,8004$1,8305$1,845
$1,845
RENT COMPS ANALYSIS
  • 137 Cup Chase Drive Mooresville, NC 4
    • 4 beds 3 baths ∙ 2,671 Sqft ∙ Built 2021 4 beds 3 baths ∙ 2,671 Sqft ∙ Built 2021
    • Rent
    • Rent Per SQFT
    •  
    • $1,830
    • $0.69
    •  
  • 142 Sawhorse Drive Mooresville, NC 1
    • 4 beds 3 baths ∙ 2,376 Sqft ∙ Built 2006 4 beds 3 baths ∙ 2,376 Sqft ∙ Built 2006
    LEASED 05/09/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,595
    • $0.67
    •  
  • 157 Saye Place Mooresville, NC 2
    • 4 beds 3 baths ∙ 2,530 Sqft ∙ Built 2012 4 beds 3 baths ∙ 2,530 Sqft ∙ Built 2012
    LEASED 08/21/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,695
    • $0.67
    •  
  • 131 Rusty Nail Drive Mooresville, NC 3
    • 4 beds 3 baths ∙ 2,712 Sqft ∙ Built 2005 4 beds 3 baths ∙ 2,712 Sqft ∙ Built 2005
    LEASED 03/05/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,800
    • $0.66
    •  
  • 179 Scanlon Road Mooresville, NC 5
    • 4 beds 3 baths ∙ 2,662 Sqft ∙ Built 2005 4 beds 3 baths ∙ 2,662 Sqft ∙ Built 2005
    LEASED 08/07/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,845
    • $0.69
    •  
PROPERTY LISTING DETAILS
Jamey Slawter
1.704.425.0482
Dr Horton Inc
BESbswy