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186 Gresham Lane Mooresville, NC 28117

3 Beds 2 Baths 1,500 sqft Built 2005

$265,000

List Price

$1,580

$1.4K - $1.7K

Rent Est.

PROPERTY INFO

FACTS
  • Single Family
  • Built In 2005
  • Price/Sqft : $176.67
  • 9 Days on Market
  • MLS # : 3693050
  • Updated Date : 01/01/2021 at 00:05
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,500 sqft
  • Baths : 2 full
Listing Agent

Titan Realty, Inc.

Listing Agent's Description

Absolutely adorable 3 bedroom 2 bath home in popular Water Oak subdivision. Freshly painted gray hardi board exterior, 2 car garage, fenced corner lot and precious front porch. Interior updates include new hardwoods on main level, granite countertops and stainless appliances in kitchen, new paint in family room, kitchen and hall bath downstairs and going up stairs. Large master retreat up stairs with sitting area, two walk in closets and master bath with separate tub/shower and dual sinks. Also don't miss the three dormer attic space storage. Instant Rinnai hot water heater in master bath and new garage opener.

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: Water Oak at Lake Norman

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300kPrice in $118k318k

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

Neighborhood: Water Oak at Lake Norman

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2900100011001200130014001500160017001800Rent in $8441809

* 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
Lakeshore Elementary School Primary Regular 632 40 5
Lakeshore Middle School Middle Regular 514 29 7
Lake Norman High School High Regular 1,865 88 8

Lakeshore Elementary School

  • Education Level: Primary
  • # of students: 632
  • # of teachers: 40
5
GreatSchools Rating

Lakeshore Middle School

  • Education Level: Middle
  • # of students: 514
  • # of teachers: 29
7
GreatSchools Rating

Lake Norman High School

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

$238,500$291,500$265,000

PURCHASE PRICE

$1,422$1,738$1,580

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,580
EXPENSES Loan Payment -$978
Property Tax -$247
Property Insurance -$55
HOA -$51
Property Management Fees -$119
CASH FLOW
$130

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 14% of earned rent to cover both maintenance and periods of vacancy.

$265,000

PROJECTED PRICE

$1,580

PROJECTED RENT

0.60%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.48%
Appreciation Year (1-5) 3.9%
Maintenance Year (1-5) 8.00%
Vacancy 6.31%
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$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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$75,975

INVESTMENT

$75,975

Down Payment
$66,250
Rehab Estimate
$5,750
Closing Costs
$3,975

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$978

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $66,250
Loan Amount $198,750
See What Happens When You Reinvest Cash Flow

8.17

YEARS SAVED

$32,848

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,580

    LIST RENT
  • $1.05

    LIST RENT PER SQFT
  • $1,575

    COMP ESTIMATED VALUE
  • $1.05

    COMP AVG. RENT PER SQFT
Comps Range
$1,450
1$1,4502$1,5253$1,5754$1,5805$1,650
$1,650
RENT COMPS ANALYSIS
  • 186 Gresham Lane Mooresville, NC 4
    • 3 beds 2 baths ∙ 1,500 Sqft ∙ Built 2005 3 beds 2 baths ∙ 1,500 Sqft ∙ Built 2005
    • Rent
    • Rent Per SQFT
    •  
    • $1,580
    • $1.05
    •  
  • 138 E Morehouse Avenue Mooresville, NC 1
    • 3 beds 2 baths ∙ 1,468 Sqft ∙ Built 2005 3 beds 2 baths ∙ 1,468 Sqft ∙ Built 2005
    LEASED 07/30/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,450
    • $0.99
    •  
  • 127 Morehouse Avenue Mooresville, NC 2
    • 3 beds 2 baths ∙ 1,455 Sqft ∙ Built 2005 3 beds 2 baths ∙ 1,455 Sqft ∙ Built 2005
    LEASED 03/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,525
    • $1.05
    •  
  • 113 E Morehouse Avenue Mooresville, NC 3
    • 3 beds 2 baths ∙ 1,483 Sqft ∙ Built 2004 3 beds 2 baths ∙ 1,483 Sqft ∙ Built 2004
    LEASED 08/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,575
    • $1.06
    •  
  • 112 E Morehouse Avenue Mooresville, NC 5
    • 3 beds 2 baths ∙ 1,500 Sqft ∙ Built 2004 3 beds 2 baths ∙ 1,500 Sqft ∙ Built 2004
    LEASED 12/17/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,650
    • $1.10
    •  
PROPERTY LISTING DETAILS
Max Hand
1.704.999.9739
Titan Realty, Inc.
BESbswy