Work with a dedicated Real Estate Advisor who will take your financial preferences and help you select and acquire properties that fit your criteria. Learn more

152 Morehouse Avenue Mooresville, NC 28117

3 Beds 4 Baths 2,169 sqft Built 2007

$299,000

List Price

$1,880

$1.7K - $2.1K

Rent Est.

PROPERTY INFO

January 09, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2007
  • Price/Sqft : $137.85
  • 3 Days on Market
  • MLS # : 3655335
  • Updated Date : 01/08/2021 at 18:22
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,169 sqft
  • Baths : 3 full , 1 half
Listing Agent

Lawrie Lawrence Real Estate

Listing Agent's Description

LOCATION! Great layout and fantastic neighborhood amenities! 3BR, 3/1 BA home in desireable Water Oak! Enter the open and airy great room with fireplace and windows that let in tons of natural light! Great room open to the dining area which is open to the kitchen. This home is great for entertaining w/indoor/outdoor flow. Kitchen has granite, pantry, stainless steel appliances & exit to outdoor paver patio area that is very private. Fenced yard w/double gates. Master BR is spacious & has an exit to the balcony that you can sit out on & enjoy the beautiful Carolina weather. Ensuite bath has dual sinks, soaking tub, tiled shower & walk-in closet. Secondary bedroom on 2nd level. Huge bonus room w/closet and bar area is a great place to watch the game with your friends (also has knee door to attic storage)! 3rd level has its own private suite w/bedroom & ensuite bath. Walk-in attic storage. This home is a must see-it has so much to offer! Main HVAC 2018, Upper HVAC 2017

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

Neighborhood: Water Oak at Lake Norman

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300kPrice in $118k318k

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

Neighborhood: Water Oak at Lake Norman

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2900100011001200130014001500160017001800Rent in $8441809

* 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
Lakeshore Elementary School Primary Regular 632 40 5
Lakeshore Middle School Middle Regular 514 29 7
Lake Norman High School High Regular 1,865 88 8

Lakeshore Elementary School

  • Education Level: Primary
  • # of students: 632
  • # of teachers: 40
5
GreatSchools Rating

Lakeshore Middle School

  • Education Level: Middle
  • # of students: 514
  • # of teachers: 29
7
GreatSchools Rating

Lake Norman High School

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

$269,100$328,900$299,000

PURCHASE PRICE

$1,692$2,068$1,880

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,880
EXPENSES Loan Payment -$1,039
Property Tax -$308
Property Insurance -$68
HOA -$51
Property Management Fees -$119
CASH FLOW
$295

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.

$299,000

PROJECTED PRICE

$1,880

PROJECTED RENT

0.63%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.48%
Appreciation Year (1-5) 3.9%
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$5.0k$10k$15k$20k

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$84,985

INVESTMENT

$84,985

Down Payment
$74,750
Rehab Estimate
$5,750
Closing Costs
$4,485

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,039

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $74,750
Loan Amount $224,250
See What Happens When You Reinvest Cash Flow

10.5

YEARS SAVED

$46,289

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,880

    LIST RENT
  • $0.87

    LIST RENT PER SQFT
  • $1,855

    COMP ESTIMATED VALUE
  • $0.86

    COMP AVG. RENT PER SQFT
Comps Range
$1,595
1$1,5952$1,8003$1,8654$1,8805$2,000
$2,000
RENT COMPS ANALYSIS
  • 152 Morehouse Avenue Mooresville, NC 4
    • 3 beds 4 baths ∙ 2,169 Sqft ∙ Built 2007 3 beds 4 baths ∙ 2,169 Sqft ∙ Built 2007
    • Rent
    • Rent Per SQFT
    •  
    • $1,880
    • $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
    •  
  • 148 Blossom Ridge Drive Mooresville, NC 2
    • 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
    •  
  • 156 Blossom Ridge Drive Mooresville, NC 3
    • 3 beds 3 baths ∙ 2,328 Sqft ∙ Built 2012 3 beds 3 baths ∙ 2,328 Sqft ∙ Built 2012
    LEASED 05/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,865
    • $0.80
    •  
  • 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
Lawrie Lawrence
1.704.458.4822
Lawrie Lawrence Real Estate
BESbswy