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1719 Mecklenburg Highway #1 Mooresville, NC 28115

3 Beds 1 Baths 1,440 sqft Built 1950

$158,000

List Price

$1,260

$1.1K - $1.4K

Rent Est.

PROPERTY INFO

80% chance this property will be sold within the next 20 days HOT INVESTMENT
SINGLE-FAMILY
March 18, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1950
  • Price/Sqft : $109.72
  • 4 Days on Market
  • MLS # : 3719837
  • Updated Date : 03/18/2021 at 16:56
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,440 sqft
  • Baths : 1 full
Listing Agent

Mooresville Realty Llc

Listing Agent's Description

GREAT INVESTMENT PROPERTY, .52 AC, HOME IS OCCUPIED BY LONG TERM TENNANT, PLEASE DO NOT DISTURB, NO LOCKBOX, TENNANT WILL STAY IF THE RENT STAYS THE SAME, ADJACENT TO THE NEW EAST WEST CONNECTOR & ALSO HIGHWAY 3 CONNECTOR, BIG ACTIVITY & BUILDING GOING ALL AROUND THIS LOT. ZONED RESIDENTIAL

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

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
Coddle Creek Elementary School Primary Regular 504 29 5
Brawley Middle School Middle Regular 746 41 7
Lake Norman High School High Regular 1,865 88 8

Coddle Creek Elementary School

  • Education Level: Primary
  • # of students: 504
  • # of teachers: 29
5
GreatSchools Rating

Brawley Middle School

  • Education Level: Middle
  • # of students: 746
  • # of teachers: 41
7
GreatSchools Rating

Lake Norman High School

  • Education Level: High
  • # of students: 1,865
  • # of teachers: 88
8
GreatSchools Rating
 

$142,200$173,800$158,000

PURCHASE PRICE

$1,134$1,386$1,260

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,260
EXPENSES Loan Payment -$549
Property Tax -$65
Property Insurance -$54
Property Management Fees -$119
CASH FLOW
$473

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.

$158,000

PROJECTED PRICE

$1,260

PROJECTED RENT

0.80%

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

PROJECTED ANNUAL CASH FLOW

11530$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k$14k$16k$18k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$100k$200k$300k$400k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$47,620

INVESTMENT

$47,620

Down Payment
$39,500
Rehab Estimate
$5,750
Closing Costs
$2,370

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$549

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $39,500
Loan Amount $118,500
See What Happens When You Reinvest Cash Flow

16.92

YEARS SAVED

$45,017

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,260

    LIST RENT
  • $0.88

    LIST RENT PER SQFT
  • $1,436

    COMP ESTIMATED VALUE
  • $1

    COMP AVG. RENT PER SQFT
Comps Range
$1,150
1$1,1502$1,2603$1,3504$1,3955$1,500
$1,500
RENT COMPS ANALYSIS
  • 1719 Mecklenburg Highway Mooresville, NC 2
    • 3 beds 1 baths ∙ 1,440 Sqft ∙ Built 1950 3 beds 1 baths ∙ 1,440 Sqft ∙ Built 1950
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,260
    • $0.88
    •  
  • 118 Peterborough Drive Mooresville, NC 1
    • 3 beds 2 baths ∙ 1,150 Sqft ∙ Built 2003 3 beds 2 baths ∙ 1,150 Sqft ∙ Built 2003
    property image
    LEASED 04/13/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,150
    • $1.00
    •  
  • 109 Peterborough Drive Mooresville, NC 3
    • 3 beds 3 baths ∙ 1,408 Sqft ∙ Built 2000 3 beds 3 baths ∙ 1,408 Sqft ∙ Built 2000
    property image
    LEASED 11/21/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,350
    • $0.96
    •  
  • 157 Mott Road Mooresville, NC 4
    • 3 beds 3 baths ∙ 1,377 Sqft ∙ Built 2000 3 beds 3 baths ∙ 1,377 Sqft ∙ Built 2000
    property image
    LEASED 02/25/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,395
    • $1.01
    •  
  • 172 Faith Road Mooresville, NC 5
    • 3 beds 2 baths ∙ 1,372 Sqft ∙ Built 1962 3 beds 2 baths ∙ 1,372 Sqft ∙ Built 1962
    property image
    LEASED 02/12/21
    • Rent
    • Rent Per SQFT
    •  
    • $1,500
    • $1.09
    •  
PROPERTY LISTING DETAILS
Tracy Cromie
1.704.500.9629
Mooresville Realty Llc
1.866.250.5610
Carolina Multiple Listing Services ( Carolina)
MLS #: 3719837
Last Updated: 03/18/2021
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