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227 Laurel Glen Drive Mooresville, NC 28115

4 Beds 3 Baths 2,641 sqft Built 2005

$355,000

List Price

$1,800

$1.6K - $2K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
March 06, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2005
  • Price/Sqft : $134.42
  • 3 Days on Market
  • MLS # : 3715191
  • Updated Date : 03/06/2021 at 08:30
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,641 sqft
  • Baths : 3 full
Listing Agent

Exp Realty Llc

Listing Agent's Description

Come fall in love with this beautiful home today! The current home owners have upgraded several features that really make the home feel fresh and pop! 4 spacious bedrooms and 3 full baths. Open floor concept, great for families and entertaining. This is a smart home, wired with surround sound. Just picture your self having a glass of tea on the large, screened porch or enjoying the warm weather on the pergola patio. Custom garage with a ton of overhead storage. Professionally maintained landscape and irrigation. Large fenced in yard with mature trees. Its a MUST SEE property. This home will not last long.

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: Cherry Grove

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300k320k340k360kPrice in $113k361k

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

Neighborhood: Cherry Grove

NeighborhoodNIR Market*CityMarket2010Year20002019 Q29001000110012001300140015001600170018001900Rent in $8421997

* 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
Park View Elementary School Primary Regular 678 38 6
Mooresville Middle School Middle Regular 1,023 53 4
Mooresville High School High Regular 1,787 78 8

Park View Elementary School

  • Education Level: Primary
  • # of students: 678
  • # of teachers: 38
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
 

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

PURCHASE PRICE

$1,620$1,980$1,800

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,800
EXPENSES Loan Payment -$1,233
Property Tax -$330
Property Insurance -$77
HOA -$50
Property Management Fees -$119
CASH FLOW
-$9

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.

$355,000

PROJECTED PRICE

$1,800

PROJECTED RENT

0.51%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.98%
Appreciation Year (1-5) 2.7%
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$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$12k$14k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$100k$200k$300k$400k$500k$600k$700k$800k$900k

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 50% 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

4.58

YEARS SAVED

$16,825

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,800

    LIST RENT
  • $0.68

    LIST RENT PER SQFT
  • $1,783

    COMP ESTIMATED VALUE
  • $0.68

    COMP AVG. RENT PER SQFT
Comps Range
$1,635
1$1,6352$1,6353$1,6494$1,8005$1,950
$1,950
RENT COMPS ANALYSIS
  • 227 Laurel Glen Drive Mooresville, NC 4
    • 4 beds 3 baths ∙ 2,641 Sqft ∙ Built 2005 4 beds 3 baths ∙ 2,641 Sqft ∙ Built 2005
    • Rent
    • Rent Per SQFT
    •  
    • $1,800
    • $0.68
    •  
  • 102 Rockhopper Lane Mooresville, NC 1
    • 4 beds 3 baths ∙ 2,505 Sqft ∙ Built 2017 4 beds 3 baths ∙ 2,505 Sqft ∙ Built 2017
    LEASED 12/13/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,635
    • $0.65
    •  
  • 110 Emperors Trail Mooresville, NC 2
    • 4 beds 3 baths ∙ 2,460 Sqft ∙ Built 2018 4 beds 3 baths ∙ 2,460 Sqft ∙ Built 2018
    LEASED 01/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,635
    • $0.66
    •  
  • 171 Paradise Hills Circle Mooresville, NC 3
    • 4 beds 3 baths ∙ 2,490 Sqft ∙ Built 2018 4 beds 3 baths ∙ 2,490 Sqft ∙ Built 2018
    LEASED 03/27/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,649
    • $0.66
    •  
  • 279 Forest Walk Way Mooresville, NC 5
    • 4 beds 3 baths ∙ 2,659 Sqft ∙ Built 2005 4 beds 3 baths ∙ 2,659 Sqft ∙ Built 2005
    LEASED 01/18/21
    • Rent
    • Rent Per SQFT
    •  
    • $1,950
    • $0.73
    •  
PROPERTY LISTING DETAILS
Brock Zevan
1.704.728.1008
Exp Realty Llc
1.866.250.5610
Carolina Multiple Listing Services ( Carolina)
MLS #: 3715191
Last Updated: 03/06/2021
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