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180 Fremont Loop Mooresville, NC 28115

3 Beds 2 Baths 1,351 sqft Built 1976

$220,000

List Price

$1,150

$1K - $1.3K

Rent Est.

PROPERTY INFO

January 15, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1976
  • Price/Sqft : $162.84
  • 3 Days on Market
  • MLS # : 3698379
  • Updated Date : 01/16/2021 at 18:08
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,351 sqft
  • Baths : 1 full , 1 half
Listing Agent

The Lake Team Llc

Listing Agent's Description

Adorable brick ranch in desirable neighborhood with NO HOA! New granite countertops in kitchen, new roof 2019, and newly renovated main bath. Large private back yard. Garage converted into extra living area. Perfect for first time buyers or investors. Tons of potential with this property!

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
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
 

$198,000$242,000$220,000

PURCHASE PRICE

$1,035$1,265$1,150

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,150
EXPENSES Loan Payment -$764
Property Tax -$91
Property Insurance -$53
Property Management Fees -$119
CASH FLOW
$123

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.

$220,000

PROJECTED PRICE

$1,150

PROJECTED RENT

0.52%

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

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$100k$200k$300k$400k$500k$600k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$64,050

INVESTMENT

$64,050

Down Payment
$55,000
Rehab Estimate
$5,750
Closing Costs
$3,300

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 35% down payment or higher enables the proceeds from the asset to cover all costs.

$764

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $55,000
Loan Amount $165,000
See What Happens When You Reinvest Cash Flow

8.33

YEARS SAVED

$24,183

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,150

    LIST RENT
  • $0.85

    LIST RENT PER SQFT
  • $1,158

    COMP ESTIMATED VALUE
  • $0.86

    COMP AVG. RENT PER SQFT
Comps Range
$1,150
1$1,1502$1,2003$1,2004$1,3755$1,395
$1,395
RENT COMPS ANALYSIS
  • 180 Fremont Loop Mooresville, NC 1
    • 3 beds 2 baths ∙ 1,351 Sqft ∙ Built 1976 3 beds 2 baths ∙ 1,351 Sqft ∙ Built 1976
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,150
    • $0.85
    •  
  • 156 Leslie Loop Mooresville, NC 2
    • 3 beds 2 baths ∙ 1,450 Sqft ∙ Built 1997 3 beds 2 baths ∙ 1,450 Sqft ∙ Built 1997
    property image
    LEASED 02/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,200
    • $0.83
    •  
  • 1316 Mecklenburg Highway Mooresville, NC 3
    • 3 beds 1 baths ∙ 1,402 Sqft ∙ Built 1948 3 beds 1 baths ∙ 1,402 Sqft ∙ Built 1948
    property image
    LEASED 03/24/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,200
    • $0.86
    •  
  • 106 Newbury Drive Mooresville, NC 4
    • 3 beds 3 baths ∙ 1,626 Sqft ∙ Built 2001 3 beds 3 baths ∙ 1,626 Sqft ∙ Built 2001
    property image
    LEASED 12/11/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,375
    • $0.85
    •  
  • 129 Hampshire Drive Mooresville, NC 5
    • 3 beds 2 baths ∙ 1,573 Sqft ∙ Built 2002 3 beds 2 baths ∙ 1,573 Sqft ∙ Built 2002
    property image
    LEASED 11/11/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,395
    • $0.89
    •  
PROPERTY LISTING DETAILS
Michelle Bajek
1.704.706.4448
The Lake Team Llc
BESbswy