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162 Chere Helen Drive Mooresville, NC 28115

3 Beds 2 Baths 1,207 sqft Built 1999

$200,000

List Price

$1,190

$1.1K - $1.3K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
March 05, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1999
  • Price/Sqft : $165.70
  • 3 Days on Market
  • MLS # : 3714696
  • Updated Date : 03/05/2021 at 18:47
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,207 sqft
  • Baths : 2 full
Listing Agent

Digioia Realty

Listing Agent's Description

Rare 3 Bedroom Ranch home in Mooresville! Wonderful investment opportunity! Open floor plan with cathedral ceilings and eat-in kitchen. Master suite features deep tray ceiling, 2 spacious guest rooms. Great backyard with privacy and patio for grilling and entertaining! Home boasts 2-car garage, which are few in Tall Oaks! New AC unit replaced 2011. New roof 2011! Community includes large playground and basketball court! Convenient location, right off Hwy 150! Won't last long!

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

Neighborhood: Tall Oaks

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280kPrice in $113k288k

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

Neighborhood: Tall Oaks

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
Park View Elementary School Primary Regular 678 38 6
Mooresville Middle School Middle Regular 1,023 53 4
Mooresville High School High Regular 1,787 78 8

Park View Elementary School

  • Education Level: Primary
  • # of students: 678
  • # of teachers: 38
6
GreatSchools Rating

Mooresville Middle School

  • Education Level: Middle
  • # of students: 1,023
  • # of teachers: 53
4
GreatSchools Rating

Mooresville High School

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

$180,000$220,000$200,000

PURCHASE PRICE

$1,071$1,309$1,190

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,190
EXPENSES Loan Payment -$695
Property Tax -$186
Property Insurance -$50
HOA -$18
Property Management Fees -$119
CASH FLOW
$122

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.

$200,000

PROJECTED PRICE

$1,190

PROJECTED RENT

0.60%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.98%
Appreciation Year (1-5) 3.0%
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

PROJECTED ANNUAL CASH FLOW

11530$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k

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$58,750

INVESTMENT

$58,750

Down Payment
$50,000
Rehab Estimate
$5,750
Closing Costs
$3,000

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$695

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $50,000
Loan Amount $150,000
See What Happens When You Reinvest Cash Flow

8.08

YEARS SAVED

$20,835

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,190

    LIST RENT
  • $0.99

    LIST RENT PER SQFT
  • $1,095

    COMP ESTIMATED VALUE
  • $0.91

    COMP AVG. RENT PER SQFT
Comps Range
$1,190
1$1,1902$1,1993$1,2504$1,2505$1,395
$1,395
RENT COMPS ANALYSIS
  • 162 Chere Helen Drive Mooresville, NC 1
    • 3 beds 2 baths ∙ 1,207 Sqft ∙ Built 1999 3 beds 2 baths ∙ 1,207 Sqft ∙ Built 1999
    • Rent
    • Rent Per SQFT
    •  
    • $1,190
    • $0.99
    •  
  • 266 Sweet Martha Drive Mooresville, NC 2
    • 3 beds 2 baths ∙ 1,344 Sqft ∙ Built 1998 3 beds 2 baths ∙ 1,344 Sqft ∙ Built 1998
    LEASED 01/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,199
    • $0.89
    •  
  • 139 Sweet Martha Drive Mooresville, NC 3
    • 3 beds 2 baths ∙ 1,350 Sqft ∙ Built 1998 3 beds 2 baths ∙ 1,350 Sqft ∙ Built 1998
    LEASED 04/17/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,250
    • $0.93
    •  
  • 100 Indian Paint Brush Drive Mooresville, NC 4
    • 3 beds 2 baths ∙ 1,377 Sqft ∙ Built 1997 3 beds 2 baths ∙ 1,377 Sqft ∙ Built 1997
    LEASED 09/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,250
    • $0.91
    •  
  • 146 Chere Helen Drive Mooresville, NC 5
    • 4 beds 3 baths ∙ 1,548 Sqft ∙ Built 2000 4 beds 3 baths ∙ 1,548 Sqft ∙ Built 2000
    LEASED 10/08/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,395
    • $0.90
    •  
PROPERTY LISTING DETAILS
Heather Griffin
1.704.626.8651
Digioia Realty
1.866.250.5610
Carolina Multiple Listing Services ( Carolina)
MLS #: 3714696
Last Updated: 03/05/2021
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