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142 Dairy Farm Road Mooresville, NC 28115

5 Beds 3 Baths 3,658 sqft Built 2006

$437,000

List Price

$2,270

$2K - $2.5K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
FACTS
  • Single Family
  • Built In 2006
  • Price/Sqft : $119.46
  • 10 Days on Market
  • MLS # : 3712138
  • Updated Date : 03/06/2021 at 20:15
CONSTRUCTION
  • Beds : 5
  • Floor Size : 3,658 sqft
  • Baths : 3 full
Listing Agent

Southern Homes Of The Carolinas

Listing Agent's Description

Beautiful, well cared for home. Nice open layout with private large front office and romantic formal dinning room. Kitchen has loads of countertop and cabinet space. Cabinetry is upgraded, not standard builder grade door fronts. Nice sized pantry. Large granite kitchen island overlooking 2-story great room with gas fireplace. Breakfast room opens to screened in porch, open patio and large, flat and fenced backyard. In-law suite/ attached apartment has its own kitchen with very nice appliances and cabinets. A wonderfully sized living room and bedroom with walk in closet. Bathroom acts as jack and jill with main house but offers a private shower for inlaw suite. Unit has its own entry via screened in porch. Master bedroom is a retreat with tray ceiling, 2 walk-in closets, vaulted ceiling in bathroom. Dont miss the unfinished attic space off larger closet in Master. Laundry is conveniently located upstairs. Great neighborhood with amenities. Grocery store is within minutes of this home.

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

Neighborhood: Harris Village

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300k320kPrice in $113k338k

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

Neighborhood: Harris Village

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2900100011001200130014001500160017001800Rent in $8421891

* 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 Middle School Middle Regular 1,023 53 4
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 Middle School

  • Education Level: Middle
  • # of students: 1,023
  • # of teachers: 53
4
GreatSchools Rating

Mooresville High School

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

$393,300$480,700$437,000

PURCHASE PRICE

$2,043$2,497$2,270

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,270
EXPENSES Loan Payment -$1,518
Property Tax -$409
Property Insurance -$95
HOA -$38
Property Management Fees -$119
CASH FLOW
$92

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.

$437,000

PROJECTED PRICE

$2,270

PROJECTED RENT

0.52%

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$0.0$5.0k$10k$15k$20k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$121,555

INVESTMENT

$121,555

Down Payment
$109,250
Rehab Estimate
$5,750
Closing Costs
$6,555

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,518

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $109,250
Loan Amount $327,750
See What Happens When You Reinvest Cash Flow

5.92

YEARS SAVED

$29,211

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,270

    LIST RENT
  • $0.63

    LIST RENT PER SQFT
  • $2,387

    COMP ESTIMATED VALUE
  • $0.67

    COMP AVG. RENT PER SQFT
Comps Range
$2,175
1$2,1752$2,2003$2,270
$2,270
RENT COMPS ANALYSIS
  • 142 Dairy Farm Road Mooresville, NC 3
    • 5 beds 3 baths ∙ 3,590 Sqft ∙ Built 2006 5 beds 3 baths ∙ 3,590 Sqft ∙ Built 2006
    • Rent
    • Rent Per SQFT
    •  
    • $2,270
    • $0.63
    •  
  • 184 Glastonbury Drive Mooresville, NC 1
    • 5 beds 3 baths ∙ 3,271 Sqft ∙ Built 2017 5 beds 3 baths ∙ 3,271 Sqft ∙ Built 2017
    LEASED 07/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,175
    • $0.66
    •  
  • 134 Cole Drive Mooresville, NC 2
    • 5 beds 4 baths ∙ 3,458 Sqft ∙ Built 2012 5 beds 4 baths ∙ 3,458 Sqft ∙ Built 2012
    LEASED 10/07/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,200
    • $0.64
    •  
PROPERTY LISTING DETAILS
Beth Sterner
1.980.228.1051
Southern Homes Of The Carolinas
1.866.250.5610
Carolina Multiple Listing Services ( Carolina)
MLS #: 3712138
Last Updated: 03/06/2021
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