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217 Hickory Drive Mooresville, NC 28115

4 Beds 2 Baths 1,818 sqft Built 1956

$249,900

List Price

$1,450

$1.3K - $1.6K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
FACTS
  • Single Family
  • Built In 1956
  • Price/Sqft : $137.46
  • 9 Days on Market
  • MLS # : 3710620
  • Updated Date : 02/23/2021 at 23:30
CONSTRUCTION
  • Beds : 4
  • Floor Size : 1,818 sqft
  • Baths : 2 full
Listing Agent

Exp Realty Llc

Listing Agent's Description

Adorable home in the Downtown Mooresville area. This home is located in Mooresville Graded School District and is within walking distance to Mooresville Hich School, Resturants and shops! It features 4 bedrooms and 2 bathrooms. It sits on a .24 acre lot with a fenced backyard with a outdoor building. This home is well maintained with some modern updates and some remaining characteristics of a house built in the 1950's!

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • 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)

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
South Elementary School Primary Regular 559 34 6
Mooresville Middle School Middle Regular 1,023 53 4
Mooresville High School High Regular 1,787 78 8

South Elementary School

  • Education Level: Primary
  • # of students: 559
  • # of teachers: 34
6
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
 

$224,910$274,890$249,900

PURCHASE PRICE

$1,305$1,595$1,450

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,450
EXPENSES Loan Payment -$868
Property Tax -$233
Property Insurance -$61
Property Management Fees -$119
CASH FLOW
$169

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.

$249,900

PROJECTED PRICE

$1,450

PROJECTED RENT

0.58%

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$800k$900k

PROJECTED ANNUAL CASH FLOW

11530$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k$14k

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$71,974

INVESTMENT

$71,974

Down Payment
$62,475
Rehab Estimate
$5,750
Closing Costs
$3,749

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$868

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $62,475
Loan Amount $187,425
See What Happens When You Reinvest Cash Flow

8.5

YEARS SAVED

$28,121

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,450

    LIST RENT
  • $0.8

    LIST RENT PER SQFT
  • $1,468

    COMP ESTIMATED VALUE
  • $0.81

    COMP AVG. RENT PER SQFT
Comps Range
$1,200
1$1,2002$1,3953$1,4004$1,4505$1,575
$1,575
RENT COMPS ANALYSIS
  • 217 Hickory Drive Mooresville, NC 4
    • 4 beds 2 baths ∙ 1,818 Sqft ∙ Built 1956 4 beds 2 baths ∙ 1,818 Sqft ∙ Built 1956
    • Rent
    • Rent Per SQFT
    •  
    • $1,450
    • $0.80
    •  
  • 317 Cedar Street Mooresville, NC 1
    • 3 beds 2 baths ∙ 1,479 Sqft ∙ Built 1956 3 beds 2 baths ∙ 1,479 Sqft ∙ Built 1956
    LEASED 10/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,200
    • $0.81
    •  
  • 661 Cabarrus Avenue Mooresville, NC 2
    • 4 beds 2 baths ∙ 1,820 Sqft ∙ Built 1949 4 beds 2 baths ∙ 1,820 Sqft ∙ Built 1949
    LEASED 10/02/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,395
    • $0.77
    •  
  • 628 Fieldstone Road Mooresville, NC 3
    • 3 beds 2 baths ∙ 1,770 Sqft ∙ Built 1968 3 beds 2 baths ∙ 1,770 Sqft ∙ Built 1968
    LEASED 10/08/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,400
    • $0.79
    •  
  • 134 E Stewart Avenue Mooresville, NC 5
    • 3 beds 2 baths ∙ 1,831 Sqft ∙ Built 1941 3 beds 2 baths ∙ 1,831 Sqft ∙ Built 1941
    LEASED 07/20/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,575
    • $0.86
    •  
PROPERTY LISTING DETAILS
Crystal Robbins
1.828.446.0171
Exp Realty Llc
1.866.250.5610
Carolina Multiple Listing Services ( Carolina)
MLS #: 3710620
Last Updated: 02/23/2021
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