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139 Waderich Lane Mooresville, NC 28117

3 Beds 2 Baths 1,008 sqft Built 1996

$240,000

List Price

$1,190

$1.1K - $1.3K

Rent Est.

PROPERTY INFO

80% chance this property will be sold within the next 20 days HOT INVESTMENT
SINGLE-FAMILY
March 26, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1996
  • Price/Sqft : $238.10
  • 7 Days on Market
  • MLS # : 3720962
  • Updated Date : 03/26/2021 at 00:05
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,008 sqft
  • Baths : 2 full
Listing Agent

Lake Norman Realty, Inc

Listing Agent's Description

Lovely ranch style home in Mills Pond with rocking chair front porch. This home features hardwood floors throughout. Gorgeous stone fireplace in the great room is wood burning. Split floor plan. Master bedroom has walk in closet. Galley style kitchen with pantry and laundry closet. Both bathrooms have brand new tile floors, new vanities, new paint, new light fixtures and new toilets. Gorgeous setting with fenced in yard, mature trees and it backs up to woods for privacy. Two tiered deck with covered deck as well. Fire pit in the back yard. Home sits on an acre of land. Storage building had electric in it. Mills Pond is conveniently located between Perth road and Bluefield road. Great school district. A 1 year Home warranty is 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: 28117

ZipNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300k320k340k360k380k400k420kPrice in $118k427k

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

Zip Code: 28117

ZipNIR Market*CityMarket2010Year20002019 Q29001000110012001300140015001600170018001900Rent in $8441980

* 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
Lakeshore Elementary School Primary Regular 632 40 5
Lakeshore Middle School Middle Regular 514 29 7
Lake Norman High School High Regular 1,865 88 8

Lakeshore Elementary School

  • Education Level: Primary
  • # of students: 632
  • # of teachers: 40
5
GreatSchools Rating

Lakeshore Middle School

  • Education Level: Middle
  • # of students: 514
  • # of teachers: 29
7
GreatSchools Rating

Lake Norman High School

  • Education Level: High
  • # of students: 1,865
  • # of teachers: 88
8
GreatSchools Rating
 

$216,000$264,000$240,000

PURCHASE PRICE

$1,071$1,309$1,190

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,190
EXPENSES Loan Payment -$834
Property Tax -$100
Property Insurance -$46
Property Management Fees -$119
CASH FLOW
$91

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 14% of earned rent to cover both maintenance and periods of vacancy.

$240,000

PROJECTED PRICE

$1,190

PROJECTED RENT

0.50%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.48%
Appreciation Year (1-5) 5.1%
Maintenance Year (1-5) 8.00%
Vacancy 6.31%
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$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$100k$200k$300k$400k$500k$600k$700k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$69,350

INVESTMENT

$69,350

Down Payment
$60,000
Rehab Estimate
$5,750
Closing Costs
$3,600

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 40% down payment or higher enables the proceeds from the asset to cover all costs.

$834

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $60,000
Loan Amount $180,000
See What Happens When You Reinvest Cash Flow

8

YEARS SAVED

$24,885

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,190

    LIST RENT
  • $1.18

    LIST RENT PER SQFT
  • $1,189

    COMP ESTIMATED VALUE
  • $1.18

    COMP AVG. RENT PER SQFT
Comps Range
$1,190
1$1,1902$1,2953$1,2954$1,450
$1,450
RENT COMPS ANALYSIS
  • 139 Waderich Lane Mooresville, NC 1
    • 3 beds 2 baths ∙ 1,008 Sqft ∙ Built 1996 3 beds 2 baths ∙ 1,008 Sqft ∙ Built 1996
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,190
    • $1.18
    •  
  • 166 Mills Forest Lane Mooresville, NC 2
    • 3 beds 2 baths ∙ 1,101 Sqft ∙ Built 1994 3 beds 2 baths ∙ 1,101 Sqft ∙ Built 1994
    property image
    LEASED 06/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,295
    • $1.18
    •  
  • 159 Overcreek Road Mooresville, NC 3
    • 3 beds 2 baths ∙ 1,040 Sqft ∙ Built 1994 3 beds 2 baths ∙ 1,040 Sqft ∙ Built 1994
    property image
    LEASED 10/19/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,295
    • $1.25
    •  
  • 312 Judas Road Mooresville, NC 4
    • 3 beds 2 baths ∙ 1,310 Sqft ∙ Built 2004 3 beds 2 baths ∙ 1,310 Sqft ∙ Built 2004
    property image
    LEASED 01/05/21
    • Rent
    • Rent Per SQFT
    •  
    • $1,450
    • $1.11
    •  
PROPERTY LISTING DETAILS
Summer Tabor
1.704.502.2352
Lake Norman Realty, Inc
1.866.250.5610
Carolina Multiple Listing Services ( Carolina)
MLS #: 3720962
Last Updated: 03/26/2021
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