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237 Commodore Loop Mooresville, NC 28117

3 Beds 2 Baths 1,312 sqft Built 1984

$330,000

List Price

$1,400

$1.3K - $1.5K

Rent Est.

PROPERTY INFO

December 04, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1984
  • Price/Sqft : $251.52
  • 3 Days on Market
  • MLS # : 3688448
  • Updated Date : 12/04/2020 at 15:58
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,312 sqft
  • Baths : 2 full
Listing Agent

Magnolia Real Estate

Listing Agent's Description

Adorable lake cottage with an amazing, wide open view of Lake Norman. You will feel like you are on vacation every day. This home is turn key, ready to go. Large bedrooms and an incredible view of the lake from the main floor bedroom, office and one of the upper secondary bedrooms. Brand new metal roof installed in 2019. Relax and enjoy the scenery from the backyard gazebo. Close to shopping and restaurants.

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: 28117

ZipNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300k320k340k360k380k400k420kPrice in $118k427k

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

Zip Code: 28117

ZipNIR Market*CityMarket2010Year20002019 Q29001000110012001300140015001600170018001900Rent in $8441980

* 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
Woodland Heights Elementary School Primary Regular 757 42 9
Brawley Middle School Middle Regular 746 41 7
Lake Norman High School High Regular 1,865 88 8

Woodland Heights Elementary School

  • Education Level: Primary
  • # of students: 757
  • # of teachers: 42
9
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
 

$297,000$363,000$330,000

PURCHASE PRICE

$1,260$1,540$1,400

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,400
EXPENSES Loan Payment -$1,218
Property Tax -$135
Property Insurance -$52
Property Management Fees -$119
CASH FLOW
-$123

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.

$330,000

PROJECTED PRICE

$1,400

PROJECTED RENT

0.42%

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$12k$14k

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$93,200

INVESTMENT

$93,200

Down Payment
$82,500
Rehab Estimate
$5,750
Closing Costs
$4,950

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 50% down payment or higher enables the proceeds from the asset to cover all costs.

$1,218

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $82,500
Loan Amount $247,500
See What Happens When You Reinvest Cash Flow

4.33

YEARS SAVED

$15,964

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,400

    LIST RENT
  • $1.07

    LIST RENT PER SQFT
  • $1,469

    COMP ESTIMATED VALUE
  • $1.12

    COMP AVG. RENT PER SQFT
Comps Range
$1,350
1$1,3502$1,3503$1,4004$1,5005$1,620
$1,620
RENT COMPS ANALYSIS
  • 237 Commodore Loop Mooresville, NC 3
    • 3 beds 2 baths ∙ 1,312 Sqft ∙ Built 1984 3 beds 2 baths ∙ 1,312 Sqft ∙ Built 1984
    • Rent
    • Rent Per SQFT
    •  
    • $1,400
    • $1.07
    •  
  • 135 Mainview Drive Mooresville, NC 1
    • 3 beds 2 baths ∙ 1,036 Sqft ∙ Built 2002 3 beds 2 baths ∙ 1,036 Sqft ∙ Built 2002
    LEASED 08/26/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,350
    • $1.30
    •  
  • 127 Hiram Road Mooresville, NC 2
    • 4 beds 3 baths ∙ 1,445 Sqft ∙ Built 1978 4 beds 3 baths ∙ 1,445 Sqft ∙ Built 1978
    LEASED 09/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,350
    • $0.93
    •  
  • 108 Hiram Road Mooresville, NC 4
    • 3 beds 2 baths ∙ 1,198 Sqft ∙ Built 3 beds 2 baths ∙ 1,198 Sqft ∙ Built
    LEASED 12/16/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,500
    • $1.25
    •  
  • 116 Pompano Place Mooresville, NC 5
    • 3 beds 2 baths ∙ 1,600 Sqft ∙ Built 2007 3 beds 2 baths ∙ 1,600 Sqft ∙ Built 2007
    LEASED 11/15/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,620
    • $1.01
    •  
PROPERTY LISTING DETAILS
Tiffany Comeaux
1.704.910.7992
Magnolia Real Estate
BESbswy