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207 Kilborne Road Mooresville, NC 28117

4 Beds 2 Baths 2,023 sqft Built 2000

$339,000

List Price

$1,740

$1.6K - $1.9K

Rent Est.

PROPERTY INFO

FACTS
  • Built In 2000
  • Price/Sqft : $167.57
  • 9 Days on Market
  • MLS # : 3676477
  • Updated Date : 11/02/2020 at 23:20
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,023 sqft
  • Baths : 2 full
Listing Agent

Re/max Executive

Listing Agent's Description

This Adorable Ranch sits on a .6 acre private lot. Screened in porch with 2 other decks reveals the tranquil setting of the backyard and a stone’s throw view of the Lake. Great working kitchen with pantry has ample cabinet space, Tile flooring and pass through window to Family room. Spacious master suite with vaulted ceiling, Hardwood flooring and dual closets and bath with separate tub and shower. 4th bedroom has French doors that open to Family room being used as an Den/Office. 2 car side load garage has room for storage. Note Neighborhood has 2 pools, Boat ramp and boat storage has a fee.

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: Wyndham Shores

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300kPrice in $118k318k

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

Neighborhood: Wyndham Shores

NeighborhoodNIR Market*CityMarket2010Year20002019 Q29001000110012001300140015001600170018001900Rent in $8441915

* 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
 

$305,100$372,900$339,000

PURCHASE PRICE

$1,566$1,914$1,740

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,740
EXPENSES Loan Payment -$1,251
Property Tax -$316
Property Insurance -$65
HOA -$46
Property Management Fees -$157
CASH FLOW
-$94

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.

$339,000

PROJECTED PRICE

$1,740

PROJECTED RENT

0.51%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.48%
Appreciation Year (1-5) 5.1%
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

PROJECTED ANNUAL CASH FLOW

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

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$95,585

INVESTMENT

$95,585

Down Payment
$84,750
Rehab Estimate
$5,750
Closing Costs
$5,085

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,251

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $84,750
Loan Amount $254,250
See What Happens When You Reinvest Cash Flow

3.33

YEARS SAVED

$11,532

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,740

    LIST RENT
  • $0.86

    LIST RENT PER SQFT
  • $1,851

    COMP ESTIMATED VALUE
  • $0.92

    COMP AVG. RENT PER SQFT
Comps Range
$1,400
1$1,4002$1,5953$1,7004$1,7405$1,750
$1,750
RENT COMPS ANALYSIS
  • 207 Kilborne Road Mooresville, NC 4
    • 4 beds 2 baths ∙ 2,023 Sqft ∙ Built 2000 4 beds 2 baths ∙ 2,023 Sqft ∙ Built 2000
    • Rent
    • Rent Per SQFT
    •  
    • $1,740
    • $0.86
    •  
  • 110 Ashwood Lane Mooresville, NC 1
    • 3 beds 3 baths ∙ 1,680 Sqft ∙ Built 1999 3 beds 3 baths ∙ 1,680 Sqft ∙ Built 1999
    LEASED 09/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,400
    • $0.83
    •  
  • 128 Kensington Street Mooresville, NC 2
    • 3 beds 3 baths ∙ 1,808 Sqft ∙ Built 2005 3 beds 3 baths ∙ 1,808 Sqft ∙ Built 2005
    LEASED 01/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,595
    • $0.88
    •  
  • 115 W Morehouse Avenue Mooresville, NC 3
    • 3 beds 3 baths ∙ 1,860 Sqft ∙ Built 2008 3 beds 3 baths ∙ 1,860 Sqft ∙ Built 2008
    LEASED 03/06/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,700
    • $0.91
    •  
  • 127 Kilborne Road Mooresville, NC 5
    • 3 beds 3 baths ∙ 1,777 Sqft ∙ Built 1996 3 beds 3 baths ∙ 1,777 Sqft ∙ Built 1996
    LEASED 06/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,750
    • $0.98
    •  
PROPERTY LISTING DETAILS
Nelson Grassi
1.704.965.4483
Re/max Executive
BESbswy