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316 Commodore Loop #147 Mooresville, NC 28117

3 Beds 3 Baths 1,852 sqft Built 1993

$225,000

List Price

$1,600

$1.4K - $1.8K

Rent Est.

PROPERTY INFO

February 06, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1993
  • Price/Sqft : $121.49
  • 2 Days on Market
  • MLS # : 3691516
  • Updated Date : 02/06/2021 at 14:20
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,852 sqft
  • Baths : 2 full , 1 half
Listing Agent

Platinum Properties Of Lkn,llc

Listing Agent's Description

This lovely 3 bedrooms 2.5 baths home is located in a quiet community with Lake access and no HOA fees. MASTER SUITE is on main level. Master Bath with double sinks and tub and separate shower. Large eat in Kitchen with lots of counter space. Bright and airy living room. Upstairs 2 more bedrooms and bonus area too. Great home for someone who would love to give it their own special touch. Plenty of space with a large yard to enjoy. Located in a sort after school district. Seller is giving a $3000 carpet allowance. This home won't last long.

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • 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)

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
 

$202,500$247,500$225,000

PURCHASE PRICE

$1,440$1,760$1,600

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,600
EXPENSES Loan Payment -$782
Property Tax -$92
Property Insurance -$62
Property Management Fees -$119
CASH FLOW
$545

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.

$225,000

PROJECTED PRICE

$1,600

PROJECTED RENT

0.71%

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$0.0$5.0k$10k$15k$20k$25k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$65,375

INVESTMENT

$65,375

Down Payment
$56,250
Rehab Estimate
$5,750
Closing Costs
$3,375

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$782

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $56,250
Loan Amount $168,750
See What Happens When You Reinvest Cash Flow

16

YEARS SAVED

$60,014

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,600

    LIST RENT
  • $0.86

    LIST RENT PER SQFT
  • $1,722

    COMP ESTIMATED VALUE
  • $0.93

    COMP AVG. RENT PER SQFT
Comps Range
$1,595
1$1,5952$1,6003$1,6204$1,7505$1,800
$1,800
RENT COMPS ANALYSIS
  • 316 Commodore Loop Mooresville, NC 2
    • 3 beds 3 baths ∙ 1,852 Sqft ∙ Built 1993 3 beds 3 baths ∙ 1,852 Sqft ∙ Built 1993
    • Rent
    • Rent Per SQFT
    •  
    • $1,600
    • $0.86
    •  
  • 300 Commodore Loop Mooresville, NC 1
    • 3 beds 2 baths ∙ 1,750 Sqft ∙ Built 2016 3 beds 2 baths ∙ 1,750 Sqft ∙ Built 2016
    LEASED 06/16/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,595
    • $0.91
    •  
  • 116 Pompano Place Mooresville, NC 3
    • 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
    •  
  • 134 Crystal Circle Mooresville, NC 4
    • 3 beds 3 baths ∙ 2,181 Sqft ∙ Built 1979 3 beds 3 baths ∙ 2,181 Sqft ∙ Built 1979
    LEASED 10/29/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,750
    • $0.80
    •  
  • 367 Stutts Road Mooresville, NC 5
    • 3 beds 3 baths ∙ 1,784 Sqft ∙ Built 1998 3 beds 3 baths ∙ 1,784 Sqft ∙ Built 1998
    LEASED 08/07/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,800
    • $1.01
    •  
PROPERTY LISTING DETAILS
Enza Friedman
1.704.657.3962
Platinum Properties Of Lkn,llc
BESbswy