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151 West Morehouse Avenue #7 Mooresville, NC 28117

3 Beds 3 Baths 2,074 sqft Built 2021

$328,914

List Price

$1,800

$1.6K - $2K

Rent Est.

PROPERTY INFO

Built 2021 NEW CONSTRUCTION
January 16, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2021
  • Price/Sqft : $158.59
  • 2 Days on Market
  • MLS # : 3698343
  • Updated Date : 01/16/2021 at 11:18
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,074 sqft
  • Baths : 2 full , 1 half
Listing Agent

Lennar Sales Corp

Listing Agent's Description

Elisha home available for a Spring move-in! This floorplan features a grand two story foyer entrance, a flex room with glass French doors, wide open living space, cozy living room with a fireplace, dining area and a great kitchen. The kitchen offers tons of cabinet and countertop space, a centered island and walk in pantry. Upstairs you will have the owner's suite with a large bathroom that includes a walk in shower with tile walls and seat, double vanity, linen closet, and a large walk in closet! This home is just starting construction and is scheduled for an April completion. Call to learn more and to set an appointment!

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: 28117

ZipNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300k320k340k360k380k400k420kPrice in $118k427k

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

Zip Code: 28117

ZipNIR Market*CityMarket2010Year20002019 Q29001000110012001300140015001600170018001900Rent in $8441980

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

SCHOOLS

 
Sorry, we do not have sufficient school data for this neighborhood.
 

$296,023$361,805$328,914

PURCHASE PRICE

$1,620$1,980$1,800

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,800
EXPENSES Loan Payment -$1,142
Property Tax -$306
Property Insurance -$66
HOA -$55
Property Management Fees -$119
CASH FLOW
$112

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 9% of earned rent to cover both maintenance and periods of vacancy.

$328,914

PROJECTED PRICE

$1,800

PROJECTED RENT

0.55%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.48%
Appreciation Year (1-5) 5.1%
Maintenance Year (1-5) 3.00%
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$18k

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$89,162

INVESTMENT

$89,162

Down Payment
$82,229
Rehab Estimate
$2,000
Closing Costs
$4,934

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,142

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $82,229
Loan Amount $246,686
See What Happens When You Reinvest Cash Flow

7.42

YEARS SAVED

$30,954

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,800

    LIST RENT
  • $0.87

    LIST RENT PER SQFT
  • $1,799

    COMP ESTIMATED VALUE
  • $0.87

    COMP AVG. RENT PER SQFT
Comps Range
$1,595
1$1,5952$1,6253$1,8004$1,8005$2,000
$2,000
RENT COMPS ANALYSIS
  • 151 West Morehouse Avenue Mooresville, NC 4
    • 3 beds 3 baths ∙ 2,074 Sqft ∙ Built 2021 3 beds 3 baths ∙ 2,074 Sqft ∙ Built 2021
    • Rent
    • Rent Per SQFT
    •  
    • $1,800
    • $0.87
    •  
  • 141 Water Oak Lane Mooresville, NC 1
    • 3 beds 3 baths ∙ 2,004 Sqft ∙ Built 2003 3 beds 3 baths ∙ 2,004 Sqft ∙ Built 2003
    LEASED 03/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,595
    • $0.80
    •  
  • 180 Gresham Lane Mooresville, NC 2
    • 3 beds 3 baths ∙ 1,909 Sqft ∙ Built 2006 3 beds 3 baths ∙ 1,909 Sqft ∙ Built 2006
    LEASED 02/22/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,625
    • $0.85
    •  
  • 148 Blossom Ridge Drive Mooresville, NC 3
    • 3 beds 2 baths ∙ 2,054 Sqft ∙ Built 2013 3 beds 2 baths ∙ 2,054 Sqft ∙ Built 2013
    LEASED 10/13/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,800
    • $0.88
    •  
  • 185 Water Oak Drive Mooresville, NC 5
    • 3 beds 3 baths ∙ 2,120 Sqft ∙ Built 3 beds 3 baths ∙ 2,120 Sqft ∙ Built
    LEASED 09/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,000
    • $0.94
    •  
PROPERTY LISTING DETAILS
Cannon Walker
1.704.995.7398
Lennar Sales Corp
BESbswy