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248 Mockingbird Lane Mcadenville, NC 28101

3 Beds 2 Baths 2,076 sqft Built 1964

$259,000

List Price

$1,710

$1.5K - $1.9K

Rent Est.

PROPERTY INFO

FACTS
  • Single Family
  • Built In 1964
  • Price/Sqft : $124.76
  • 17 Days on Market
  • MLS # : 3692529
  • Updated Date : 01/02/2021 at 00:05
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,076 sqft
  • Baths : 2 full
Listing Agent

Keller Williams Ballantyne Area

Listing Agent's Description

Escape from the city! Tucked away between Cramerton and McAdenville a on a wooded one acre lot with creek.. Large eat-in kitchen, Cozy den with fire place. formal areas. Full walk- out basement has a wood burning fire place and is plumbed for a full bath. Needs modern updates but has tons of potential! This is an estate. the property will be conveyed by Special Warranty Deed.

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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

Zip Code: 28101

ZipNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300kPrice in $113k308k

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

Zip Code: 28101

ZipNIR Market*Market2010Year20002019 Q285090095010001050110011501200125013001350Rent in $8421375

* 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
Mcadenville Elementary School Primary Regular 166 13 6
Holbrook Middle School Middle Regular 731 40 6
Stuart W. Cramer High School High Regular 782 45 NA

Mcadenville Elementary School

  • Education Level: Primary
  • # of students: 166
  • # of teachers: 13
6
GreatSchools Rating

Holbrook Middle School

  • Education Level: Middle
  • # of students: 731
  • # of teachers: 40
6
GreatSchools Rating

Stuart W. Cramer High School

  • Education Level: High
  • # of students: 782
  • # of teachers: 45
NA
GreatSchools Rating
 

$233,100$284,900$259,000

PURCHASE PRICE

$1,539$1,881$1,710

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,710
EXPENSES Loan Payment -$956
Property Tax -$201
Property Insurance -$66
Property Management Fees -$119
CASH FLOW
$368

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.

$259,000

PROJECTED PRICE

$1,710

PROJECTED RENT

0.66%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.98%
Appreciation Year (1-5) 6.3%
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$0.0$5.0k$10k$15k$20k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$74,385

INVESTMENT

$74,385

Down Payment
$64,750
Rehab Estimate
$5,750
Closing Costs
$3,885

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 25% down payment or higher enables the proceeds from the asset to cover all costs.

$956

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $64,750
Loan Amount $194,250
See What Happens When You Reinvest Cash Flow

12.25

YEARS SAVED

$58,080

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,710

    LIST RENT
  • $0.82

    LIST RENT PER SQFT
  • $1,614

    COMP ESTIMATED VALUE
  • $0.78

    COMP AVG. RENT PER SQFT
Comps Range
$1,325
1$1,3252$1,3453$1,4354$1,5505$1,710
$1,710
RENT COMPS ANALYSIS
  • 248 Mockingbird Lane Mcadenville, NC 5
    • 3 beds 2 baths ∙ 2,076 Sqft ∙ Built 1964 3 beds 2 baths ∙ 2,076 Sqft ∙ Built 1964
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,710
    • $0.82
    •  
  • 710 Overlook Road Lowell, NC 1
    • 3 beds 3 baths ∙ 1,807 Sqft ∙ Built 2007 3 beds 3 baths ∙ 1,807 Sqft ∙ Built 2007
    property image
    LEASED 09/01/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,325
    • $0.73
    •  
  • 607 Overlook Road Lowell, NC 2
    • 3 beds 3 baths ∙ 1,803 Sqft ∙ Built 2002 3 beds 3 baths ∙ 1,803 Sqft ∙ Built 2002
    property image
    LEASED 02/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,345
    • $0.75
    •  
  • 814 River Trail Road Lowell, NC 3
    • 3 beds 3 baths ∙ 1,782 Sqft ∙ Built 2003 3 beds 3 baths ∙ 1,782 Sqft ∙ Built 2003
    property image
    LEASED 09/05/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,435
    • $0.81
    •  
  • 704 Overlook Road Lowell, NC 4
    • 3 beds 3 baths ∙ 1,900 Sqft ∙ Built 2007 3 beds 3 baths ∙ 1,900 Sqft ∙ Built 2007
    property image
    LEASED 03/23/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,550
    • $0.82
    •  
PROPERTY LISTING DETAILS
Debbie Scarborough
1.704.214.1237
Keller Williams Ballantyne Area
BESbswy