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259 S Church Street Mooresville, NC 28115

4 Beds 2 Baths 1,400 sqft Built 1963

$200,000

List Price

$1,070

$963 - $1.2K

Rent Est.

PROPERTY INFO

FACTS
  • Single Family
  • Built In 1963
  • Price/Sqft : $142.86
  • 9 Days on Market
  • MLS # : 3685665
  • Updated Date : 11/25/2020 at 07:35
CONSTRUCTION
  • Beds : 4
  • Floor Size : 1,400 sqft
  • Baths : 2 full
Listing Agent

Exp Realty

Listing Agent's Description

Beautiful home in the heart of Downtown Mooresville! A 4 bedroom, 2 bath home at this price is hard to come by..especially with this location! Within a block or two distance from restaurants, breweries, shopping, and so much more. The only thing this house is lacking is YOU! Fully renovated in 2018 with new HVAC, plumbing, water heater, and electrical. Newer roof also! Original hardwoods in the living area and two bedrooms add charm and character, with Luxury Vinyl Plank throughout the rest of home. Rich, cherry wood cabinets and granite countertops in the kitchen make this space a timeless enjoyment. This property is zoned for commercial/mixed use, the opportunities are endless! This home also offers the convenience of bus line access that runs from Statesville to Charlotte. Don't let your hesitation get in the way of this one...won't 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

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 Intermediate School Middle Regular 745 42 5
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 Intermediate School

  • Education Level: Middle
  • # of students: 745
  • # of teachers: 42
5
GreatSchools Rating

Mooresville High School

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

$180,000$220,000$200,000

PURCHASE PRICE

$963$1,177$1,070

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,070
EXPENSES Loan Payment -$738
Property Tax -$185
Property Insurance -$54
Property Management Fees -$96
CASH FLOW
-$3

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.

$200,000

PROJECTED PRICE

$1,070

PROJECTED RENT

0.53%

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-$2.0k$0.0$2.0k$4.0k$6.0k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$58,750

INVESTMENT

$58,750

Down Payment
$50,000
Rehab Estimate
$5,750
Closing Costs
$3,000

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$738

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $50,000
Loan Amount $150,000
See What Happens When You Reinvest Cash Flow

4

YEARS SAVED

$8,983

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,070

    LIST RENT
  • $0.76

    LIST RENT PER SQFT
  • $1,204

    COMP ESTIMATED VALUE
  • $0.86

    COMP AVG. RENT PER SQFT
Comps Range
$1,070
1$1,0702$1,2003$1,2504$1,2755$1,295
$1,295
RENT COMPS ANALYSIS
  • 259 S Church Street Mooresville, NC 1
    • 4 beds 2 baths ∙ 1,400 Sqft ∙ Built 1963 4 beds 2 baths ∙ 1,400 Sqft ∙ Built 1963
    • Rent
    • Rent Per SQFT
    •  
    • $1,070
    • $0.76
    •  
  • 439 Kelly Avenue Mooresville, NC 2
    • 3 beds 2 baths ∙ 1,404 Sqft ∙ Built 3 beds 2 baths ∙ 1,404 Sqft ∙ Built
    LEASED 07/23/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,200
    • $0.85
    •  
  • 129 Thayer Court Mooresville, NC 3
    • 4 beds 2 baths ∙ 1,354 Sqft ∙ Built 2002 4 beds 2 baths ∙ 1,354 Sqft ∙ Built 2002
    LEASED 02/05/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,250
    • $0.92
    •  
  • 125 N Sycamore Street Mooresville, NC 4
    • 3 beds 2 baths ∙ 1,528 Sqft ∙ Built 1940 3 beds 2 baths ∙ 1,528 Sqft ∙ Built 1940
    LEASED 11/23/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,275
    • $0.83
    •  
  • 113 Lookout Point Place Mooresville, NC 5
    • 3 beds 3 baths ∙ 1,539 Sqft ∙ Built 2014 3 beds 3 baths ∙ 1,539 Sqft ∙ Built 2014
    LEASED 03/05/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,295
    • $0.84
    •  
PROPERTY LISTING DETAILS
Jonathan Miller
1.864.357.9081
Exp Realty
BESbswy