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147 Woodcrest Road Mooresville, NC 28115

3 Beds 3 Baths 2,090 sqft Built 2001

$295,000

List Price

$1,580

$1.4K - $1.7K

Rent Est.

PROPERTY INFO

January 16, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2001
  • Price/Sqft : $141.15
  • 4 Days on Market
  • MLS # : 3697681
  • Updated Date : 01/16/2021 at 18:07
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,090 sqft
  • Baths : 3 full
Listing Agent

Realty One Group Select

Listing Agent's Description

Charming fully renovated ranch close to downtown Mooresville priced under $300K! This home is nestled on .67 acres and has plenty of privacy. Completely remodeled inside, with brand new flooring, carpet, paint. Gorgeous kitchen with antique white cabinets and an accent island. Stainless steel appliances, stainless farmhouse sink, granite counters & tile backsplash. Huge master with separate his and hers bathrooms and an oversized walk-in closet with custom shelving. Updated family room with wood burning fireplace. You will love the small details throughout the home, like the wood beam in the kitchen and family room area. Large back deck with staircase. Amazing garage workshop with separate entry. Public OPEN HOUSE Sunday (1/17/21) from 1-4pm.

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: Millswood

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300kPrice in $118k318k

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

Neighborhood: Millswood

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2800900100011001200130014001500160017001800Rent in $7671809

* 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
 

$265,500$324,500$295,000

PURCHASE PRICE

$1,422$1,738$1,580

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,580
EXPENSES Loan Payment -$1,025
Property Tax -$275
Property Insurance -$67
Property Management Fees -$119
CASH FLOW
$95

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.

$295,000

PROJECTED PRICE

$1,580

PROJECTED RENT

0.54%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.48%
Appreciation Year (1-5) 5.4%
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$200k$400k$600k$800k$1.0M

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$800k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$83,925

INVESTMENT

$83,925

Down Payment
$73,750
Rehab Estimate
$5,750
Closing Costs
$4,425

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,025

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $73,750
Loan Amount $221,250
See What Happens When You Reinvest Cash Flow

7.33

YEARS SAVED

$26,625

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,580

    LIST RENT
  • $0.76

    LIST RENT PER SQFT
  • $1,651

    COMP ESTIMATED VALUE
  • $0.79

    COMP AVG. RENT PER SQFT
Comps Range
$1,465
1$1,4652$1,5803$1,5954$1,6005$1,995
$1,995
RENT COMPS ANALYSIS
  • 147 Woodcrest Road Mooresville, NC 2
    • 3 beds 3 baths ∙ 2,090 Sqft ∙ Built 2001 3 beds 3 baths ∙ 2,090 Sqft ∙ Built 2001
    • Rent
    • Rent Per SQFT
    •  
    • $1,580
    • $0.76
    •  
  • 103 Elgin Lane Mooresville, NC 1
    • 3 beds 3 baths ∙ 1,974 Sqft ∙ Built 2001 3 beds 3 baths ∙ 1,974 Sqft ∙ Built 2001
    LEASED 05/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,465
    • $0.74
    •  
  • 114 Elgin Lane Mooresville, NC 3
    • 3 beds 2 baths ∙ 2,039 Sqft ∙ Built 2001 3 beds 2 baths ∙ 2,039 Sqft ∙ Built 2001
    LEASED 11/04/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,595
    • $0.78
    •  
  • 118 Holly Ridge Drive Mooresville, NC 4
    • 3 beds 3 baths ∙ 2,200 Sqft ∙ Built 2019 3 beds 3 baths ∙ 2,200 Sqft ∙ Built 2019
    LEASED 02/18/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,600
    • $0.73
    •  
  • 105 Samara Lane Mooresville, NC 5
    • 4 beds 7 baths ∙ 2,181 Sqft ∙ Built 4 beds 7 baths ∙ 2,181 Sqft ∙ Built
    LEASED 03/02/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,995
    • $0.91
    •  
PROPERTY LISTING DETAILS
Lauren Knerl
1.704.579.1646
Realty One Group Select
BESbswy