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203 Chandeleur Drive Mooresville, NC 28117

4 Beds 3 Baths 1,924 sqft Built 1997

$355,000

List Price

$1,650

$1.5K - $1.8K

Rent Est.

PROPERTY INFO

February 04, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1997
  • Price/Sqft : $184.51
  • 4 Days on Market
  • MLS # : 3704810
  • Updated Date : 02/04/2021 at 13:59
CONSTRUCTION
  • Beds : 4
  • Floor Size : 1,924 sqft
  • Baths : 2 full , 1 half
Listing Agent

Re/max Executive

Listing Agent's Description

Single owner home in Harbor Cove! Pride in ownership shines through in the Unbelievable maintained 2-story home. Island Kitchen with new Black Stainless Appliances, Granite Countertops, Pella Sliding Door. Hardwood Floors in Kitchen, Formal Dining and Foyer. Large main level Laundry room. Family Room with gas logs. Large Primary Suite with Garden Tub, plus 3 additional spacious bedrooms. Almost 1/3 of an acre with fence and patio. Community Pool, Cabana, Paddle Board/Kayak Launch, Recreation area.

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

Neighborhood: Harbor Cove

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300k320k340k360kPrice in $118k373k

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

Neighborhood: Harbor Cove

NeighborhoodNIR Market*CityMarket2010Year20002019 Q290010001100120013001400150016001700180019002000Rent in $8442034

* 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
Lake Norman Elementary School Primary Regular 495 28 8
Brawley Middle School Middle Regular 746 41 7
Lake Norman High School High Regular 1,865 88 8

Lake Norman Elementary School

  • Education Level: Primary
  • # of students: 495
  • # of teachers: 28
8
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
 

$319,500$390,500$355,000

PURCHASE PRICE

$1,485$1,815$1,650

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,650
EXPENSES Loan Payment -$1,233
Property Tax -$330
Property Insurance -$63
HOA -$38
Property Management Fees -$119
CASH FLOW
-$134

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.

$355,000

PROJECTED PRICE

$1,650

PROJECTED RENT

0.46%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.48%
Appreciation Year (1-5) 9.0%
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$200k$400k$600k$800k$1.0M$1.2M

PROJECTED ANNUAL CASH FLOW

11530-$4.0k-$2.0k$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$200k$400k$600k$800k$1.0M$1.2M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$99,825

INVESTMENT

$99,825

Down Payment
$88,750
Rehab Estimate
$5,750
Closing Costs
$5,325

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 55% down payment or higher enables the proceeds from the asset to cover all costs.

$1,233

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $88,750
Loan Amount $266,250
See What Happens When You Reinvest Cash Flow

3.58

YEARS SAVED

$11,078

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,650

    LIST RENT
  • $0.86

    LIST RENT PER SQFT
  • $1,635

    COMP ESTIMATED VALUE
  • $0.85

    COMP AVG. RENT PER SQFT
Comps Range
$1,500
1$1,5002$1,5503$1,6504$1,6955$1,820
$1,820
RENT COMPS ANALYSIS
  • 203 Chandeleur Drive Mooresville, NC 3
    • 4 beds 3 baths ∙ 1,924 Sqft ∙ Built 1997 4 beds 3 baths ∙ 1,924 Sqft ∙ Built 1997
    • Rent
    • Rent Per SQFT
    •  
    • $1,650
    • $0.86
    •  
  • 3153 Charlotte Highway Mooresville, NC 1
    • 3 beds 2 baths ∙ 2,100 Sqft ∙ Built 1957 3 beds 2 baths ∙ 2,100 Sqft ∙ Built 1957
    LEASED 03/24/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,500
    • $0.71
    •  
  • 215 Rose Street Mooresville, NC 2
    • 4 beds 3 baths ∙ 2,014 Sqft ∙ Built 1993 4 beds 3 baths ∙ 2,014 Sqft ∙ Built 1993
    LEASED 10/15/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,550
    • $0.77
    •  
  • 103 Meadow Pond Lane Mooresville, NC 4
    • 4 beds 3 baths ∙ 2,100 Sqft ∙ Built 1999 4 beds 3 baths ∙ 2,100 Sqft ∙ Built 1999
    LEASED 03/09/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,695
    • $0.81
    •  
  • 135 Mooreland Road Mooresville, NC 5
    • 4 beds 3 baths ∙ 2,075 Sqft ∙ Built 2004 4 beds 3 baths ∙ 2,075 Sqft ∙ Built 2004
    LEASED 05/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,820
    • $0.88
    •  
PROPERTY LISTING DETAILS
Cristi Sims
1.704.622.5934
Re/max Executive
BESbswy