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143 Jennymarie Road Mooresville, NC 28115

3 Beds 3 Baths 1,600 sqft Built 1994

$319,900

List Price

$1,680

$1.5K - $1.8K

Rent Est.

PROPERTY INFO

February 13, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1994
  • Price/Sqft : $199.94
  • 4 Days on Market
  • MLS # : 3699638
  • Updated Date : 02/13/2021 at 18:05
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,600 sqft
  • Baths : 2 full , 1 half
Listing Agent

Odell Realty, Llc

Listing Agent's Description

Beautifully updated home sits on over half an acre, with no HOA! Come home to a fully remodeled kitchen and gorgeous master bathroom - plus luxury plank flooring, brand new carpet and fresh paint throughout. 3 bedrooms, 2.5 bathrooms, 2 car garage AND a fully finished basement which could be a great home office, entertainment space, or guest quarters. Laundry is conveniently located upstairs. Enjoy entertaining guests on your back deck overlooking a spacious fenced in backyard. Roof & HVAC replaced in 2014, Water Heater replaced in 2018! Quietly nestled on a lovely street in a fantastic location, come see and fall in love with this property for yourself.

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
Coddle Creek Elementary School Primary Regular 504 29 5
Brawley Middle School Middle Regular 746 41 7
Lake Norman High School High Regular 1,865 88 8

Coddle Creek Elementary School

  • Education Level: Primary
  • # of students: 504
  • # of teachers: 29
5
GreatSchools Rating

Brawley Middle School

  • Education Level: Middle
  • # of students: 746
  • # of teachers: 41
7
GreatSchools Rating

Lake Norman High School

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

$287,910$351,890$319,900

PURCHASE PRICE

$1,512$1,848$1,680

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,680
EXPENSES Loan Payment -$1,111
Property Tax -$132
Property Insurance -$57
Property Management Fees -$119
CASH FLOW
$260

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.

$319,900

PROJECTED PRICE

$1,680

PROJECTED RENT

0.53%

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

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$90,524

INVESTMENT

$90,524

Down Payment
$79,975
Rehab Estimate
$5,750
Closing Costs
$4,799

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 30% down payment or higher enables the proceeds from the asset to cover all costs.

$1,111

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $79,975
Loan Amount $239,925
See What Happens When You Reinvest Cash Flow

9.67

YEARS SAVED

$44,627

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,680

    LIST RENT
  • $1.05

    LIST RENT PER SQFT
  • $1,436

    COMP ESTIMATED VALUE
  • $0.9

    COMP AVG. RENT PER SQFT
Comps Range
$1,200
1$1,2002$1,3503$1,3954$1,4005$1,680
$1,680
RENT COMPS ANALYSIS
  • 143 Jennymarie Road Mooresville, NC 5
    • 3 beds 3 baths ∙ 1,600 Sqft ∙ Built 1994 3 beds 3 baths ∙ 1,600 Sqft ∙ Built 1994
    • Rent
    • Rent Per SQFT
    •  
    • $1,680
    • $1.05
    •  
  • 1316 Mecklenburg Highway Mooresville, NC 1
    • 3 beds 1 baths ∙ 1,402 Sqft ∙ Built 1948 3 beds 1 baths ∙ 1,402 Sqft ∙ Built 1948
    LEASED 03/24/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,200
    • $0.86
    •  
  • 109 Peterborough Drive Mooresville, NC 2
    • 3 beds 3 baths ∙ 1,408 Sqft ∙ Built 2000 3 beds 3 baths ∙ 1,408 Sqft ∙ Built 2000
    LEASED 11/21/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,350
    • $0.96
    •  
  • 1322 Mecklenburg Highway Mooresville, NC 3
    • 3 beds 1 baths ∙ 1,740 Sqft ∙ Built 1954 3 beds 1 baths ∙ 1,740 Sqft ∙ Built 1954
    LEASED 10/09/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,395
    • $0.80
    •  
  • 225 English Hills Drive Mooresville, NC 4
    • 3 beds 3 baths ∙ 1,440 Sqft ∙ Built 2004 3 beds 3 baths ∙ 1,440 Sqft ∙ Built 2004
    LEASED 07/17/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,400
    • $0.97
    •  
PROPERTY LISTING DETAILS
Amy Bennett
1.704.929.7982
Odell Realty, Llc
BESbswy