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220 E Statesville Avenue Mooresville, NC 28115

3 Beds 2 Baths 1,225 sqft Built 1945

$135,000

List Price

$1,080

$972 - $1.2K

Rent Est.

PROPERTY INFO

December 06, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1945
  • Price/Sqft : $110.20
  • 2 Days on Market
  • MLS # : 3689065
  • Updated Date : 12/05/2020 at 20:16
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,225 sqft
  • Baths : 2 full
Listing Agent

The Lake Team Llc

Listing Agent's Description

Great investment opportunity in close proximity to downtown Mooresville! Flipper's dream with 3 nice-sized bedrooms and 2 full baths, fenced in yard, storage shed, and Mooresville Graded School District. Original hardwoods in the living area and possibly other areas of the house as well. This home needs some TLC but there is so much potential. New gas water heater, roof and HVAC replaced within the last 8-10 years. Schedule a showing today!

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
East Mooresville Intermediate School Primary Regular 625 33 7
East Mooresville Intermediate School Middle Regular 625 33 7
Mooresville High School High Regular 1,787 78 8

East Mooresville Intermediate School

  • Education Level: Primary
  • # of students: 625
  • # of teachers: 33
7
GreatSchools Rating

East Mooresville Intermediate School

  • Education Level: Middle
  • # of students: 625
  • # of teachers: 33
7
GreatSchools Rating

Mooresville High School

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

$121,500$148,500$135,000

PURCHASE PRICE

$972$1,188$1,080

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,080
EXPENSES Loan Payment -$498
Property Tax -$126
Property Insurance -$50
Property Management Fees -$119
CASH FLOW
$287

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.

$135,000

PROJECTED PRICE

$1,080

PROJECTED RENT

0.80%

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

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$50k$100k$150k$200k$250k$300k$350k$400k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$41,525

INVESTMENT

$41,525

Down Payment
$33,750
Rehab Estimate
$5,750
Closing Costs
$2,025

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 20% down payment or higher enables the proceeds from the asset to cover all costs.

$498

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $33,750
Loan Amount $101,250
See What Happens When You Reinvest Cash Flow

14.5

YEARS SAVED

$37,184

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,080

    LIST RENT
  • $0.88

    LIST RENT PER SQFT
  • $1,081

    COMP ESTIMATED VALUE
  • $0.88

    COMP AVG. RENT PER SQFT
Comps Range
$1,080
1$1,0802$1,2003$1,2304$1,2505$1,275
$1,275
RENT COMPS ANALYSIS
  • 220 E Statesville Avenue Mooresville, NC 1
    • 3 beds 2 baths ∙ 1,225 Sqft ∙ Built 1945 3 beds 2 baths ∙ 1,225 Sqft ∙ Built 1945
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,080
    • $0.88
    •  
  • 439 Kelly Avenue Mooresville, NC 2
    • 3 beds 2 baths ∙ 1,404 Sqft ∙ Built 3 beds 2 baths ∙ 1,404 Sqft ∙ Built
    property image
    LEASED 07/23/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,200
    • $0.85
    •  
  • 428 E Mclelland Avenue Mooresville, NC 3
    • 3 beds 2 baths ∙ 1,325 Sqft ∙ Built 1975 3 beds 2 baths ∙ 1,325 Sqft ∙ Built 1975
    property image
    LEASED 05/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,230
    • $0.93
    •  
  • 129 Thayer Court Mooresville, NC 4
    • 4 beds 2 baths ∙ 1,354 Sqft ∙ Built 2002 4 beds 2 baths ∙ 1,354 Sqft ∙ Built 2002
    property image
    LEASED 02/05/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,250
    • $0.92
    •  
  • 125 N Sycamore Street Mooresville, NC 5
    • 3 beds 2 baths ∙ 1,528 Sqft ∙ Built 1940 3 beds 2 baths ∙ 1,528 Sqft ∙ Built 1940
    property image
    LEASED 11/23/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,275
    • $0.83
    •  
PROPERTY LISTING DETAILS
Tiffany Moore
1.704.408.7848
The Lake Team Llc
BESbswy