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146 Brookfield Circle Mooresville, NC 28115

3 Beds 2 Baths 1,986 sqft Built 1962

$260,000

List Price

$1,690

$1.5K - $1.9K

Rent Est.

PROPERTY INFO

November 07, 2020 RECENTLY ADDED
FACTS
  • Built In 1962
  • Price/Sqft : $130.92
  • 3 Days on Market
  • MLS # : 3679287
  • Updated Date : 11/06/2020 at 19:36
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,986 sqft
  • Baths : 1 full , 1 half
Listing Agent

Re/max Executive

Listing Agent's Description

This Charming 3 Bedroom, 1.5 Bathroom Brick Ranch with Basement is situated on over an acre and a half lot (biggest in the neighborhood). The park like setting brings nature to the city with plenty of privacy. This one owner home is in excellent condition and with a little updating, has so much to offer. Large Great Room, Dining Room, and also a cozy family room with brick fireplace. The basement offers TONS of storage as well as garage. Don't miss this one!

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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
South Elementary School Primary Regular 559 34 6
Mooresville Intermediate School Middle Regular 745 42 5
Mooresville High School High Regular 1,787 78 8

South Elementary School

  • Education Level: Primary
  • # of students: 559
  • # of teachers: 34
6
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
 

$234,000$286,000$260,000

PURCHASE PRICE

$1,521$1,859$1,690

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,690
EXPENSES Loan Payment -$959
Property Tax -$242
Property Insurance -$65
Property Management Fees -$152
CASH FLOW
$272

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.

$260,000

PROJECTED PRICE

$1,690

PROJECTED RENT

0.65%

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

PROJECTED ANNUAL CASH FLOW

11530$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k$14k$16k

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$74,650

INVESTMENT

$74,650

Down Payment
$65,000
Rehab Estimate
$5,750
Closing Costs
$3,900

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 35% down payment or higher enables the proceeds from the asset to cover all costs.

$959

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $65,000
Loan Amount $195,000
See What Happens When You Reinvest Cash Flow

9.5

YEARS SAVED

$41,516

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,690

    LIST RENT
  • $0.85

    LIST RENT PER SQFT
  • $1,867

    COMP ESTIMATED VALUE
  • $0.94

    COMP AVG. RENT PER SQFT
Comps Range
$1,625
1$1,6252$1,6903$1,9004$1,9955$1,995
$1,995
RENT COMPS ANALYSIS
  • 146 Brookfield Circle Mooresville, NC 2
    • 3 beds 2 baths ∙ 1,986 Sqft ∙ Built 1962 3 beds 2 baths ∙ 1,986 Sqft ∙ Built 1962
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,690
    • $0.85
    •  
  • 111 Golden Valley Drive Mooresville, NC 1
    • 4 beds 2 baths ∙ 1,852 Sqft ∙ Built 2005 4 beds 2 baths ∙ 1,852 Sqft ∙ Built 2005
    property image
    LEASED 08/27/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,625
    • $0.88
    •  
  • 113 Samara Lane Mooresville, NC 3
    • 4 beds 3 baths ∙ 2,070 Sqft ∙ Built 4 beds 3 baths ∙ 2,070 Sqft ∙ Built
    property image
    LEASED 04/05/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,900
    • $0.92
    •  
  • 109 Samara Lane Mooresville, NC 4
    • 4 beds 3 baths ∙ 2,070 Sqft ∙ Built 4 beds 3 baths ∙ 2,070 Sqft ∙ Built
    property image
    LEASED 03/11/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,995
    • $0.96
    •  
  • 114 White Ash Drive Mooresville, NC 5
    • 4 beds 3 baths ∙ 2,070 Sqft ∙ Built 4 beds 3 baths ∙ 2,070 Sqft ∙ Built
    property image
    LEASED 03/18/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,995
    • $0.96
    •  
PROPERTY LISTING DETAILS
Cristi Sims
1.704.622.5934
Re/max Executive
BESbswy