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449 Patterson Avenue Mooresville, NC 28115

3 Beds 2 Baths 1,114 sqft Built 1946

$188,500

List Price

$1,020

$918 - $1.1K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
March 21, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1946
  • Price/Sqft : $169.21
  • 3 Days on Market
  • MLS # : 3719998
  • Updated Date : 03/21/2021 at 00:05
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,114 sqft
  • Baths : 2 full
Listing Agent

Lake Norman Realty, Inc.

Listing Agent's Description

Tucked away in the trees, this Downtown Cottage is the gem you've been waiting for! With sidewalks leading all the way to Main Street, stroll down Academy Street and enjoy all the amenities of Downtown Mooresville without having to hop in the car. You'll love the bright and open floor plan, shiplap fireplace and concrete countertop island. Featuring engineered vinyl planks, fresh paint and rich butcher block countertops. The primary bedroom boasts a large, tiled, walk-in shower with a window that make you feel like you're bathing in the outdoors. There is a nice, flat yard that could be fenced in. New Roof in 2020 and siding and HVAC were installed in 2021. Square footage per tax records, to be updated Monday, Mar 22.

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: 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
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
 

$169,650$207,350$188,500

PURCHASE PRICE

$918$1,122$1,020

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,020
EXPENSES Loan Payment -$655
Property Tax -$175
Property Insurance -$48
Property Management Fees -$119
CASH FLOW
$23

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.

$188,500

PROJECTED PRICE

$1,020

PROJECTED RENT

0.54%

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$0.0$2.0k$4.0k$6.0k$8.0k

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$55,703

INVESTMENT

$55,703

Down Payment
$47,125
Rehab Estimate
$5,750
Closing Costs
$2,828

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 45% down payment or higher enables the proceeds from the asset to cover all costs.

$655

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $47,125
Loan Amount $141,375
See What Happens When You Reinvest Cash Flow

5.67

YEARS SAVED

$11,698

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,020

    LIST RENT
  • $0.92

    LIST RENT PER SQFT
  • $1,014

    COMP ESTIMATED VALUE
  • $0.91

    COMP AVG. RENT PER SQFT
Comps Range
$895
1$8952$1,0203$1,2504$1,2505$1,395
$1,395
RENT COMPS ANALYSIS
  • 449 Patterson Avenue Mooresville, NC 2
    • 3 beds 2 baths ∙ 1,114 Sqft ∙ Built 1946 3 beds 2 baths ∙ 1,114 Sqft ∙ Built 1946
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,020
    • $0.92
    •  
  • 276 E Mclelland Avenue Mooresville, NC 1
    • 3 beds 1 baths ∙ 1,000 Sqft ∙ Built 1972 3 beds 1 baths ∙ 1,000 Sqft ∙ Built 1972
    property image
    LEASED 09/25/19
    • Rent
    • Rent Per SQFT
    •  
    • $895
    • $0.90
    •  
  • 519 Brookwood Drive Mooresville, NC 3
    • 3 beds 3 baths ∙ 1,416 Sqft ∙ Built 2004 3 beds 3 baths ∙ 1,416 Sqft ∙ Built 2004
    property image
    LEASED 08/24/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,250
    • $0.88
    •  
  • 100 Indian Paint Brush Drive Mooresville, NC 4
    • 3 beds 2 baths ∙ 1,377 Sqft ∙ Built 1997 3 beds 2 baths ∙ 1,377 Sqft ∙ Built 1997
    property image
    LEASED 09/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,250
    • $0.91
    •  
  • 141 High Bluff Circle Mooresville, NC 5
    • 3 beds 3 baths ∙ 1,463 Sqft ∙ Built 2012 3 beds 3 baths ∙ 1,463 Sqft ∙ Built 2012
    property image
    LEASED 03/01/21
    • Rent
    • Rent Per SQFT
    •  
    • $1,395
    • $0.95
    •  
PROPERTY LISTING DETAILS
Kathryn Rudisill
1.704.724.6277
Lake Norman Realty, Inc.
1.866.250.5610
Carolina Multiple Listing Services ( Carolina)
MLS #: 3719998
Last Updated: 03/21/2021
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