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157 Rose Street Mooresville, NC 28117

4 Beds 3 Baths 2,255 sqft Built 1993

$335,000

List Price

$1,760

$1.6K - $1.9K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
July 12, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1993
  • Price/Sqft : $148.56
  • -18 Days on Market
  • MLS # : CAR3759396
  • Updated Date : 07/12/2021 at 19:12
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,255 sqft
  • Baths : 2 full , 1 half
Listing Agent

Keller Williams Mooresville

Listing Agent's Description

4 Bedroom, 2.5 Bath Home on a Corner Lot in Mooresville! Relax on the serene front porch overlooking the mature landscaping and quiet street. Open concept main floor. Formal dining room and office off the foyer. Kitchen boasts granite countertops, center island, stainless steel appliances, pantry, and tons of cabinet storage space. Brick fireplace provides a cozy feel to the great room. Large master bedroom features a tray ceiling. Master bath with a dual sink vanity, garden tub, and separate shower. 3 additional spacious bedrooms and a full bath upstairs. Laundry located on the second level. Enjoy the fenced-in backyard with a custom patio and stone bar, koi ponds, and firepit. An entertainer's dream!

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • 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)

PRICE & RENT TRENDS

Neighborhood: Reed Creek

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280kPrice in $113k288k

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

Neighborhood: Reed Creek

NeighborhoodNIR 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
South Elementary School Primary Regular 559 34 6
Mooresville Intermediate School Middle Regular 745 42 5
Mooresville High School High Regular 1,787 78 8

South Elementary School

  • Education Level: Primary
  • # of students: 559
  • # of teachers: 34
6
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
 

$301,500$368,500$335,000

PURCHASE PRICE

$1,584$1,936$1,760

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,760
EXPENSES Loan Payment -$1,164
Property Tax -$312
Property Insurance -$70
Property Management Fees -$119
CASH FLOW
$96

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.

$335,000

PROJECTED PRICE

$1,760

PROJECTED RENT

0.53%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.98%
Appreciation Year (1-5) 5.5%
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

PROJECTED ANNUAL CASH FLOW

11530-$2.0k$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$200k$400k$600k$800k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$94,525

INVESTMENT

$94,525

Down Payment
$83,750
Rehab Estimate
$5,750
Closing Costs
$5,025

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 45% down payment or higher enables the proceeds from the asset to cover all costs.

$1,164

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $83,750
Loan Amount $251,250
See What Happens When You Reinvest Cash Flow

6.5

YEARS SAVED

$25,312

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,760

    LIST RENT
  • $0.78

    LIST RENT PER SQFT
  • $1,714

    COMP ESTIMATED VALUE
  • $0.76

    COMP AVG. RENT PER SQFT
Comps Range
$1,450
1$1,4502$1,6503$1,6954$1,7605$1,800
$1,800
RENT COMPS ANALYSIS
  • 157 Rose Street Mooresville, NC 4
    • 4 beds 3 baths ∙ 2,255 Sqft ∙ Built 1993 4 beds 3 baths ∙ 2,255 Sqft ∙ Built 1993
    • Rent
    • Rent Per SQFT
    •  
    • $1,760
    • $0.78
    •  
  • 107 Rolling Stone Court Mooresville, NC 1
    • 4 beds 3 baths ∙ 2,192 Sqft ∙ Built 1997 4 beds 3 baths ∙ 2,192 Sqft ∙ Built 1997
    LEASED 08/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,450
    • $0.66
    •  
  • 102 Easy Street Mooresville, NC 2
    • 4 beds 3 baths ∙ 2,176 Sqft ∙ Built 1997 4 beds 3 baths ∙ 2,176 Sqft ∙ Built 1997
    LEASED 07/23/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,650
    • $0.76
    •  
  • 103 Meadow Pond Lane Mooresville, NC 3
    • 4 beds 3 baths ∙ 2,100 Sqft ∙ Built 1999 4 beds 3 baths ∙ 2,100 Sqft ∙ Built 1999
    LEASED 03/09/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,695
    • $0.81
    •  
  • 137 Aztec Circle Mooresville, NC 5
    • 4 beds 3 baths ∙ 2,220 Sqft ∙ Built 2014 4 beds 3 baths ∙ 2,220 Sqft ∙ Built 2014
    LEASED 10/08/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,800
    • $0.81
    •  
PROPERTY LISTING DETAILS
Melanie Eatherton
1.704.775.9926
Keller Williams Mooresville
BESbswy