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456 Teeter Road Mooresville, NC 28115

4 Beds 4 Baths 2,264 sqft Built 1961

$349,900

List Price

$1,900

$1.7K - $2.1K

Rent Est.

PROPERTY INFO

FACTS
  • Single Family
  • Built In 1961
  • Price/Sqft : $154.55
  • 20 Days on Market
  • MLS # : 3683850
  • Updated Date : 01/01/2021 at 00:05
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,264 sqft
  • Baths : 4 full
Listing Agent

Exp Realty Llc

Listing Agent's Description

Home being sold As-Is. There is a 12-parking spots, 2,500+/- SF garage on property as well. Professional pictures coming. Home is an estate and executor has limited information concerning the Property disclosure. Home contents being liquidated and will be cleared prior to showings.

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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: 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
Coddle Creek Elementary School Primary Regular 504 29 5
Brawley Middle School Middle Regular 746 41 7
Lake Norman High School High Regular 1,865 88 8

Coddle Creek Elementary School

  • Education Level: Primary
  • # of students: 504
  • # of teachers: 29
5
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
 

$314,910$384,890$349,900

PURCHASE PRICE

$1,710$2,090$1,900

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,900
EXPENSES Loan Payment -$1,291
Property Tax -$143
Property Insurance -$70
Property Management Fees -$119
CASH FLOW
$277

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.

$349,900

PROJECTED PRICE

$1,900

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$200k$400k$600k$800k$1.0M$1.2M

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$200k$400k$600k$800k$1.0M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$98,474

INVESTMENT

$98,474

Down Payment
$87,475
Rehab Estimate
$5,750
Closing Costs
$5,249

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 35% down payment or higher enables the proceeds from the asset to cover all costs.

$1,291

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $87,475
Loan Amount $262,425
See What Happens When You Reinvest Cash Flow

9.58

YEARS SAVED

$56,129

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,900

    LIST RENT
  • $0.84

    LIST RENT PER SQFT
  • $1,834

    COMP ESTIMATED VALUE
  • $0.81

    COMP AVG. RENT PER SQFT
Comps Range
$1,850
1$1,8502$1,9003$2,000
$2,000
RENT COMPS ANALYSIS
  • 456 Teeter Road Mooresville, NC 2
    • 4 beds 4 baths ∙ 2,264 Sqft ∙ Built 1961 4 beds 4 baths ∙ 2,264 Sqft ∙ Built 1961
    • Rent
    • Rent Per SQFT
    •  
    • $1,900
    • $0.84
    •  
  • 169 Morning Sun Drive Mooresville, NC 1
    • 4 beds 3 baths ∙ 2,134 Sqft ∙ Built 2007 4 beds 3 baths ∙ 2,134 Sqft ∙ Built 2007
    LEASED 11/02/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,850
    • $0.87
    •  
  • 118 E Americana Drive Mooresville, NC 3
    • 5 beds 4 baths ∙ 2,558 Sqft ∙ Built 2019 5 beds 4 baths ∙ 2,558 Sqft ∙ Built 2019
    LEASED 12/10/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,000
    • $0.78
    •  
PROPERTY LISTING DETAILS
Phil King
1.704.309.9279
Exp Realty Llc
BESbswy