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157 Chance Road Mooresville, NC 28115

4 Beds 3 Baths 3,195 sqft Built 2019

$375,000

List Price

$1,980

$1.8K - $2.2K

Rent Est.

PROPERTY INFO

January 21, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2019
  • Price/Sqft : $117.37
  • 4 Days on Market
  • MLS # : 3700600
  • Updated Date : 01/21/2021 at 20:41
CONSTRUCTION
  • Beds : 4
  • Floor Size : 3,195 sqft
  • Baths : 3 full
Listing Agent

United Brokers Ltd

Listing Agent's Description

This beautiful house, nestled in the Meadows at Coddle Creek, feels like home. This house offers an open floor concept has been freshened up with new paint and shiplap. It includes a substantial living room, large pantry and cozy bedrooms, plus a bonus loft area that makes the perfect weight room, home theater or space for entertaining guests. This .23 acre yard, enclosed with a 6-foot privacy fence is great for kids and pets, and offers great views of the surrounding natural area. Amenities include a pool and bocce ball court very within a short walk from the front door. Nearby conveniences include shopping, restaurants and easy access to I-77 and I-85, including a quick drive to Charlotte.

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: 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

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

$337,500$412,500$375,000

PURCHASE PRICE

$1,782$2,178$1,980

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,980
EXPENSES Loan Payment -$1,303
Property Tax -$393
Property Insurance -$87
HOA -$63
Property Management Fees -$119
CASH FLOW
$15

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.

$375,000

PROJECTED PRICE

$1,980

PROJECTED RENT

0.53%

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$1.0M$1.2M

PROJECTED ANNUAL CASH FLOW

11530$0.0$5.0k$10k$15k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k$1.0M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$105,125

INVESTMENT

$105,125

Down Payment
$93,750
Rehab Estimate
$5,750
Closing Costs
$5,625

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,303

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $93,750
Loan Amount $281,250
See What Happens When You Reinvest Cash Flow

5

YEARS SAVED

$18,910

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,980

    LIST RENT
  • $0.62

    LIST RENT PER SQFT
  • $1,965

    COMP ESTIMATED VALUE
  • $0.62

    COMP AVG. RENT PER SQFT
Comps Range
$1,795
1$1,7952$1,8503$1,8994$1,9805$2,100
$2,100
RENT COMPS ANALYSIS
  • 157 Chance Road Mooresville, NC 4
    • 4 beds 3 baths ∙ 3,195 Sqft ∙ Built 2019 4 beds 3 baths ∙ 3,195 Sqft ∙ Built 2019
    • Rent
    • Rent Per SQFT
    •  
    • $1,980
    • $0.62
    •  
  • 146 Millen Drive Mooresville, NC 1
    • 3 beds 3 baths ∙ 3,008 Sqft ∙ Built 2008 3 beds 3 baths ∙ 3,008 Sqft ∙ Built 2008
    LEASED 04/09/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,795
    • $0.60
    •  
  • 134 Ashton Drive Mooresville, NC 2
    • 4 beds 3 baths ∙ 3,142 Sqft ∙ Built 2012 4 beds 3 baths ∙ 3,142 Sqft ∙ Built 2012
    LEASED 04/27/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,850
    • $0.59
    •  
  • 378 Almora Loop Mooresville, NC 3
    • 4 beds 3 baths ∙ 3,151 Sqft ∙ Built 2007 4 beds 3 baths ∙ 3,151 Sqft ∙ Built 2007
    LEASED 03/05/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,899
    • $0.60
    •  
  • 106 E Americana Drive Mooresville, NC 5
    • 4 beds 3 baths ∙ 3,113 Sqft ∙ Built 2019 4 beds 3 baths ∙ 3,113 Sqft ∙ Built 2019
    LEASED 01/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,100
    • $0.67
    •  
PROPERTY LISTING DETAILS
Steve Toop
1.910.791.2829
United Brokers Ltd
BESbswy