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147 Cup Chase Drive #198 Mooresville, NC 28115

3 Beds 3 Baths 2,466 sqft Built 2021

$334,480

List Price

$1,710

$1.5K - $1.9K

Rent Est.

PROPERTY INFO

Built 2021 NEW CONSTRUCTION
FACTS
  • Single Family
  • Built In 2021
  • Price/Sqft : $135.64
  • 128 Days on Market
  • MLS # : 3658604
  • Updated Date : 12/08/2020 at 15:10
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,466 sqft
  • Baths : 3 full
Listing Agent

Dr Horton Inc

Listing Agent's Description

The Meadows at Coddle Creek is a brand new community located on Hwy. 3 just south of Mooresville. The community will have a pool and bocce ball court for home owners entertainment. Included in the monthly HOA dues will be home site lawn maintenance. The Clifton floorplan is an open plan that is perfect for entertaining. Additional features include Revwood floors in the foyer & living area, 2 piece crown molding, wainscot molding in the foyer, granite counter tops in kitchen & bathrooms, ceramic tile shower in master bathroom, stainless steel appliances, tankless gas water heater & a CPI smart home system and a covered rear porch. Home Is Connected includes programmable thermostat, Z-Wave door lock and wireless switch, touchscreen control device, automation platform, video doorbell, and Amazon Echo and Echo Dot. All home features are subject to change without notice. Internet service not 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: 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
Rocky River Elementary School Primary Regular 637 40 7
Mooresville Intermediate School Middle Regular 745 42 5
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 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
 

$301,032$367,928$334,480

PURCHASE PRICE

$1,539$1,881$1,710

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,710
EXPENSES Loan Payment -$1,162
Property Tax -$309
Property Insurance -$74
HOA -$163
Property Management Fees -$119
CASH FLOW
-$116

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 10% of earned rent to cover both maintenance and periods of vacancy.

$334,480

PROJECTED PRICE

$1,710

PROJECTED RENT

0.51%

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) 3.00%
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-$4.0k-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k$10k

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$90,637

INVESTMENT

$90,637

Down Payment
$83,620
Rehab Estimate
$2,000
Closing Costs
$5,017

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 50% down payment or higher enables the proceeds from the asset to cover all costs.

$1,162

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $83,620
Loan Amount $250,860
See What Happens When You Reinvest Cash Flow

3

YEARS SAVED

$7,761

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,710

    LIST RENT
  • $0.69

    LIST RENT PER SQFT
  • $1,739

    COMP ESTIMATED VALUE
  • $0.71

    COMP AVG. RENT PER SQFT
Comps Range
$1,560
1$1,5602$1,5953$1,5954$1,6955$1,710
$1,710
RENT COMPS ANALYSIS
  • 147 Cup Chase Drive Mooresville, NC 5
    • 3 beds 3 baths ∙ 2,466 Sqft ∙ Built 2021 3 beds 3 baths ∙ 2,466 Sqft ∙ Built 2021
    • Rent
    • Rent Per SQFT
    •  
    • $1,710
    • $0.69
    •  
  • 123 Elgin Lane Mooresville, NC 1
    • 4 beds 2 baths ∙ 2,316 Sqft ∙ Built 2001 4 beds 2 baths ∙ 2,316 Sqft ∙ Built 2001
    LEASED 10/07/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,560
    • $0.67
    •  
  • 142 Sawhorse Drive Mooresville, NC 2
    • 4 beds 3 baths ∙ 2,376 Sqft ∙ Built 2006 4 beds 3 baths ∙ 2,376 Sqft ∙ Built 2006
    LEASED 05/09/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,595
    • $0.67
    •  
  • 116 Dovetail Drive Mooresville, NC 3
    • 3 beds 3 baths ∙ 2,284 Sqft ∙ Built 2004 3 beds 3 baths ∙ 2,284 Sqft ∙ Built 2004
    LEASED 04/06/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,595
    • $0.70
    •  
  • 121 Dovetail Drive Mooresville, NC 4
    • 4 beds 3 baths ∙ 2,311 Sqft ∙ Built 2004 4 beds 3 baths ∙ 2,311 Sqft ∙ Built 2004
    LEASED 05/17/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,695
    • $0.73
    •  
PROPERTY LISTING DETAILS
Thomas Dellinger
1.910.723.5373
Dr Horton Inc
BESbswy