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161 W Neel Ranch Road Mooresville, NC 28115

3 Beds 3 Baths 1,967 sqft Built 2021

$315,163

List Price

$1,720

$1.5K - $1.9K

Rent Est.

PROPERTY INFO

Built 2021 NEW CONSTRUCTION
January 11, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2021
  • Price/Sqft : $160.23
  • 7 Days on Market
  • MLS # : 3697659
  • Updated Date : 01/11/2021 at 15:45
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,967 sqft
  • Baths : 2 full , 1 half
Listing Agent

M/i Homes

Listing Agent's Description

Homesite 158 – Welcome home to this gorgeous two-story home with 3 Bedrooms and 2.5 Bathrooms w/ a bonus loft room upstairs. We call this our Dearborn plan. This affordable new home is part of our Smart Series and is designed with Study w/ French Doors on the first floor, spacious family room, kitchen, and breakfast area. There are 9' ceilings on the first floor for an even more open feel. Your new kitchen boasts great features such as cabinets, tile backsplash, granite countertops, and a breakfast area extension. Upstairs there are 3 bedrooms and a loft space that can be converted to a fourth bedroom. The laundry is on the second floor as well. Lastly, spend your evenings out back on the extended patio with friends and family, or gather together in the family room around the fireplace!

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
 

$283,647$346,679$315,163

PURCHASE PRICE

$1,548$1,892$1,720

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,720
EXPENSES Loan Payment -$1,095
Property Tax -$292
Property Insurance -$64
HOA -$55
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 10% of earned rent to cover both maintenance and periods of vacancy.

$315,163

PROJECTED PRICE

$1,720

PROJECTED RENT

0.55%

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) 3.00%
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$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$100k$200k$300k$400k$500k$600k$700k$800k$900k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$85,518

INVESTMENT

$85,518

Down Payment
$78,791
Rehab Estimate
$2,000
Closing Costs
$4,727

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 40% down payment or higher enables the proceeds from the asset to cover all costs.

$1,095

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $78,791
Loan Amount $236,372
See What Happens When You Reinvest Cash Flow

6.42

YEARS SAVED

$23,871

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,720

    LIST RENT
  • $0.87

    LIST RENT PER SQFT
  • $1,765

    COMP ESTIMATED VALUE
  • $0.9

    COMP AVG. RENT PER SQFT
Comps Range
$1,595
1$1,5952$1,6453$1,7204$1,8005$2,000
$2,000
RENT COMPS ANALYSIS
  • 161 W Neel Ranch Road Mooresville, NC 3
    • 3 beds 3 baths ∙ 1,967 Sqft ∙ Built 2021 3 beds 3 baths ∙ 1,967 Sqft ∙ Built 2021
    • Rent
    • Rent Per SQFT
    •  
    • $1,720
    • $0.87
    •  
  • 126 Willow Valley Drive Mooresville, NC 1
    • 4 beds 2 baths ∙ 1,970 Sqft ∙ Built 2017 4 beds 2 baths ∙ 1,970 Sqft ∙ Built 2017
    LEASED 12/13/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,595
    • $0.81
    •  
  • 121 Rockhopper Lane Mooresville, NC 2
    • 4 beds 4 baths ∙ 1,758 Sqft ∙ Built 2020 4 beds 4 baths ∙ 1,758 Sqft ∙ Built 2020
    LEASED 01/31/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,645
    • $0.94
    •  
  • 115 Corina Lane Mooresville, NC 4
    • 3 beds 3 baths ∙ 1,989 Sqft ∙ Built 2019 3 beds 3 baths ∙ 1,989 Sqft ∙ Built 2019
    LEASED 06/20/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,800
    • $0.90
    •  
  • 728 Wiggins Road Mooresville, NC 5
    • 4 beds 3 baths ∙ 2,134 Sqft ∙ Built 1984 4 beds 3 baths ∙ 2,134 Sqft ∙ Built 1984
    LEASED 08/19/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,000
    • $0.94
    •  
PROPERTY LISTING DETAILS
Alan Beulah
1.704.208.8125
M/i Homes
BESbswy