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139 Butler Drive #6 Mooresville, NC 28115

4 Beds 4 Baths 3,505 sqft Built 2017

$499,900

List Price

$2,290

$2.1K - $2.5K

Rent Est.

PROPERTY INFO

January 15, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2017
  • Price/Sqft : $142.62
  • 3 Days on Market
  • MLS # : 3698935
  • Updated Date : 01/16/2021 at 13:59
CONSTRUCTION
  • Beds : 4
  • Floor Size : 3,505 sqft
  • Baths : 3 full , 1 half
Listing Agent

Nexthome World Class

Listing Agent's Description

A MUST SEE! Location, space, beauty, storage and great school district. What more can you ask for? Master bedroom on the main floor with beautiful tile shower, separate soaker tub and walk-in closet. Large living room with floor to ceiling stone faced gas-log fireplace and gorgeous coffered ceilings. Open to the breakfast nook, bar and a kitchen that can fit the entire family. Not to mention the dining room, laundry room, sideload garage, half bath and office - and that's just the main floor. Take the grand staircase upstairs, where you'll find 3 large bedrooms, 2 full bathrooms, an oversized bonus room and a 2nd family room that could also be used for a second office/media room/guest bedroom. The entire yard has a irrigation system to keep your yard looking the best in the neighborhood, as well as, an invisible fence for your pet to enjoy while you sit and relax on your front porch or back deck. Schedule your showing today!

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
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
 

$449,910$549,890$499,900

PURCHASE PRICE

$2,061$2,519$2,290

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,290
EXPENSES Loan Payment -$1,736
Property Tax -$470
Property Insurance -$93
HOA -$29
Property Management Fees -$119
CASH FLOW
-$157

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.

$499,900

PROJECTED PRICE

$2,290

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$200k$400k$600k$800k$1.0M$1.2M$1.4M

PROJECTED ANNUAL CASH FLOW

11530-$5.0k$0.0$5.0k$10k$15k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k$1.0M$1.2M$1.4M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$138,224

INVESTMENT

$138,224

Down Payment
$124,975
Rehab Estimate
$5,750
Closing Costs
$7,499

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,736

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $124,975
Loan Amount $374,925
See What Happens When You Reinvest Cash Flow

3.33

YEARS SAVED

$14,091

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,290

    LIST RENT
  • $0.65

    LIST RENT PER SQFT
  • $2,121

    COMP ESTIMATED VALUE
  • $0.61

    COMP AVG. RENT PER SQFT
Comps Range
$1,875
1$1,8752$1,9953$2,290
$2,290
RENT COMPS ANALYSIS
  • 139 Butler Drive Mooresville, NC 3
    • 4 beds 4 baths ∙ 3,505 Sqft ∙ Built 2017 4 beds 4 baths ∙ 3,505 Sqft ∙ Built 2017
    • Rent
    • Rent Per SQFT
    •  
    • $2,290
    • $0.65
    •  
  • 150 Sassafras Road Mooresville, NC 1
    • 5 beds 3 baths ∙ 3,237 Sqft ∙ Built 5 beds 3 baths ∙ 3,237 Sqft ∙ Built
    LEASED 08/21/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,875
    • $0.58
    •  
  • 128 Pecan Hills Drive Mooresville, NC 2
    • 5 beds 3 baths ∙ 3,255 Sqft ∙ Built 2007 5 beds 3 baths ∙ 3,255 Sqft ∙ Built 2007
    LEASED 08/02/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,995
    • $0.61
    •  
PROPERTY LISTING DETAILS
Amanda Bernal
1.980.395.4288
Nexthome World Class
BESbswy