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210 Stallings Mill Drive Mooresville, NC 28115

3 Beds 3 Baths 1,780 sqft Built 2002

$269,000

List Price

$1,560

$1.4K - $1.7K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
March 12, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2002
  • Price/Sqft : $151.12
  • 3 Days on Market
  • MLS # : 3717159
  • Updated Date : 03/13/2021 at 21:19
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,780 sqft
  • Baths : 2 full , 1 half
Listing Agent

#1 Properties Of Lake Norman

Listing Agent's Description

Check out This Well Maintained Two Story with Master down on a large private lot ( approx. 0.33 of an acre ) , located in Mooresville Graded School District , Wood floors in Living area , Island with sink in Kitchen , Gas Range /Oven ( Natural ) New Microwave , Dining area overlooking Farmland , Extended patio for entertaining , Master Bath suite with Nice Updated Tile shower , dual vanities , Loft area upstairs with additional good size bedrooms and one bath up. Good size Two car garage with utility sink and exterior door to a side walkway that goes to the backyard . Convenient to Downtown Mooresville and schools .

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: Kistler Mill

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300kPrice in $118k318k

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

Neighborhood: Kistler Mill

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
Rocky River Elementary School Primary Regular 637 40 7
Mooresville Middle School Middle Regular 1,023 53 4
Mooresville High School High Regular 1,787 78 8

Rocky River Elementary School

  • Education Level: Primary
  • # of students: 637
  • # of teachers: 40
7
GreatSchools Rating

Mooresville Middle School

  • Education Level: Middle
  • # of students: 1,023
  • # of teachers: 53
4
GreatSchools Rating

Mooresville High School

  • Education Level: High
  • # of students: 1,787
  • # of teachers: 78
8
GreatSchools Rating
 

$242,100$295,900$269,000

PURCHASE PRICE

$1,404$1,716$1,560

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,560
EXPENSES Loan Payment -$934
Property Tax -$250
Property Insurance -$61
HOA -$25
Property Management Fees -$119
CASH FLOW
$171

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.

$269,000

PROJECTED PRICE

$1,560

PROJECTED RENT

0.58%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.48%
Appreciation Year (1-5) 5.4%
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

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$77,035

INVESTMENT

$77,035

Down Payment
$67,250
Rehab Estimate
$5,750
Closing Costs
$4,035

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$934

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $67,250
Loan Amount $201,750
See What Happens When You Reinvest Cash Flow

8.75

YEARS SAVED

$32,251

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,560

    LIST RENT
  • $0.88

    LIST RENT PER SQFT
  • $1,584

    COMP ESTIMATED VALUE
  • $0.89

    COMP AVG. RENT PER SQFT
Comps Range
$1,425
1$1,4252$1,5603$1,5954$1,6955$1,750
$1,750
RENT COMPS ANALYSIS
  • 210 Stallings Mill Drive Mooresville, NC 2
    • 3 beds 3 baths ∙ 1,780 Sqft ∙ Built 2002 3 beds 3 baths ∙ 1,780 Sqft ∙ Built 2002
    • Rent
    • Rent Per SQFT
    •  
    • $1,560
    • $0.88
    •  
  • 120 Milroy Lane Mooresville, NC 1
    • 3 beds 3 baths ∙ 1,665 Sqft ∙ Built 2000 3 beds 3 baths ∙ 1,665 Sqft ∙ Built 2000
    LEASED 03/19/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,425
    • $0.86
    •  
  • 114 Sawhorse Drive Mooresville, NC 3
    • 3 beds 2 baths ∙ 1,838 Sqft ∙ Built 2001 3 beds 2 baths ∙ 1,838 Sqft ∙ Built 2001
    LEASED 08/04/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,595
    • $0.87
    •  
  • 156 Gage Drive Mooresville, NC 4
    • 3 beds 3 baths ∙ 1,840 Sqft ∙ Built 2014 3 beds 3 baths ∙ 1,840 Sqft ∙ Built 2014
    LEASED 10/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,695
    • $0.92
    •  
  • 154 Gilden Way Mooresville, NC 5
    • 3 beds 2 baths ∙ 1,952 Sqft ∙ Built 2012 3 beds 2 baths ∙ 1,952 Sqft ∙ Built 2012
    LEASED 02/24/21
    • Rent
    • Rent Per SQFT
    •  
    • $1,750
    • $0.90
    •  
PROPERTY LISTING DETAILS
Cathy Lynch
1.704.400.0521
#1 Properties Of Lake Norman
1.866.250.5610
Carolina Multiple Listing Services ( Carolina)
MLS #: 3717159
Last Updated: 03/13/2021
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