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157 Whitman Circle Mooresville, NC 28115

3 Beds 2 Baths 1,624 sqft Built 1992

$170,000

List Price

$1,460

$1.3K - $1.6K

Rent Est.

PROPERTY INFO

December 26, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1992
  • Price/Sqft : $104.68
  • 2 Days on Market
  • MLS # : 3693659
  • Updated Date : 12/26/2020 at 06:34
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,624 sqft
  • Baths : 2 full
Listing Agent

Covo Realty

Listing Agent's Description

Newly updated and spacious home on a large corner lot. Large auto shop with unfinished area above that could easily be finished into an apartment, office or she shed/mancave. New laminate flooring, freshly painted in neutral greige, new light fixtures and ceiling fans, new doors and knobs, crown molding and trim. Move in ready. Close to downtown, shopping and the interstate.

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

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

NAME EDUCATIONAL LEVEL SCHOOL TYPE # OF STUDENTS # OF TEACHERS GREATSCHOOLS RATING
East Mooresville Intermediate School Primary Regular 625 33 7
East Mooresville Intermediate School Middle Regular 625 33 7
Mooresville High School High Regular 1,787 78 8

East Mooresville Intermediate School

  • Education Level: Primary
  • # of students: 625
  • # of teachers: 33
7
GreatSchools Rating

East Mooresville Intermediate School

  • Education Level: Middle
  • # of students: 625
  • # of teachers: 33
7
GreatSchools Rating

Mooresville High School

  • Education Level: High
  • # of students: 1,787
  • # of teachers: 78
8
GreatSchools Rating
 

$153,000$187,000$170,000

PURCHASE PRICE

$1,314$1,606$1,460

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,460
EXPENSES Loan Payment -$627
Property Tax -$158
Property Insurance -$58
Property Management Fees -$119
CASH FLOW
$498

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.

$170,000

PROJECTED PRICE

$1,460

PROJECTED RENT

0.86%

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$100k$200k$300k$400k$500k$600k$700k$800k

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$50,800

INVESTMENT

$50,800

Down Payment
$42,500
Rehab Estimate
$5,750
Closing Costs
$2,550

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 20% down payment or higher enables the proceeds from the asset to cover all costs.

$627

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $42,500
Loan Amount $127,500
See What Happens When You Reinvest Cash Flow

16.58

YEARS SAVED

$55,244

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,460

    LIST RENT
  • $0.9

    LIST RENT PER SQFT
  • $1,470

    COMP ESTIMATED VALUE
  • $0.9

    COMP AVG. RENT PER SQFT
Comps Range
$1,395
1$1,3952$1,3953$1,3954$1,3955$1,460
$1,460
RENT COMPS ANALYSIS
  • 157 Whitman Circle Mooresville, NC 5
    • 3 beds 2 baths ∙ 1,624 Sqft ∙ Built 1992 3 beds 2 baths ∙ 1,624 Sqft ∙ Built 1992
    • Rent
    • Rent Per SQFT
    •  
    • $1,460
    • $0.90
    •  
  • 122 Bellelaine Drive Mooresville, NC 1
    • 4 beds 3 baths ∙ 1,662 Sqft ∙ Built 1998 4 beds 3 baths ∙ 1,662 Sqft ∙ Built 1998
    LEASED 01/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,395
    • $0.84
    •  
  • 162 Nahcotta Drive Mooresville, NC 2
    • 3 beds 3 baths ∙ 1,560 Sqft ∙ Built 1999 3 beds 3 baths ∙ 1,560 Sqft ∙ Built 1999
    LEASED 03/17/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,395
    • $0.89
    •  
  • 126 Nahcotta Drive Mooresville, NC 3
    • 3 beds 3 baths ∙ 1,472 Sqft ∙ Built 1999 3 beds 3 baths ∙ 1,472 Sqft ∙ Built 1999
    LEASED 04/06/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,395
    • $0.95
    •  
  • 661 Emerson Drive Mooresville, NC 4
    • 3 beds 2 baths ∙ 1,480 Sqft ∙ Built 1990 3 beds 2 baths ∙ 1,480 Sqft ∙ Built 1990
    LEASED 10/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,395
    • $0.94
    •  
PROPERTY LISTING DETAILS
Angel Smith
1.704.492.4106
Covo Realty
BESbswy