Work with a dedicated Real Estate Advisor who will take your financial preferences and help you select and acquire properties that fit your criteria. Learn more

753 Carpenter Avenue Mooresville, NC 28115

3 Beds 2 Baths 1,873 sqft Built 1954

$199,900

List Price

$1,550

$1.4K - $1.7K

Rent Est.

PROPERTY INFO

January 10, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1954
  • Price/Sqft : $106.73
  • 6 Days on Market
  • MLS # : 3690420
  • Updated Date : 01/10/2021 at 00:05
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,873 sqft
  • Baths : 2 full
Listing Agent

Lknhomes.com Inc

Listing Agent's Description

Incredible Opportunity to be in the best location of Downtown Mooresville! Hardwood floors throughout, Bright Dining Room is open to the Big Kitchen with ample storage & counter space. The Master has a cozy Fireplace with attached Bath. Enjoy a huge backyard and the Large Garage/Workshop on over a 1/2 acre. NO HOA! Close to downtown shopping and dining, Come see the potential of what this home offers, Terrific investment opportunity that will not 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: 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
East Mooresville Intermediate School Primary Regular 625 33 7
East Mooresville Intermediate School Middle Regular 625 33 7
Mooresville High School High Regular 1,787 78 8

East Mooresville Intermediate School

  • Education Level: Primary
  • # of students: 625
  • # of teachers: 33
7
GreatSchools Rating

East Mooresville Intermediate School

  • Education Level: Middle
  • # of students: 625
  • # of teachers: 33
7
GreatSchools Rating

Mooresville High School

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

$179,910$219,890$199,900

PURCHASE PRICE

$1,395$1,705$1,550

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,550
EXPENSES Loan Payment -$694
Property Tax -$186
Property Insurance -$62
Property Management Fees -$119
CASH FLOW
$488

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.

$199,900

PROJECTED PRICE

$1,550

PROJECTED RENT

0.78%

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$700k$800k$900k

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$58,724

INVESTMENT

$58,724

Down Payment
$49,975
Rehab Estimate
$5,750
Closing Costs
$2,999

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$694

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $49,975
Loan Amount $149,925
See What Happens When You Reinvest Cash Flow

15.5

YEARS SAVED

$51,278

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,550

    LIST RENT
  • $0.83

    LIST RENT PER SQFT
  • $1,653

    COMP ESTIMATED VALUE
  • $0.88

    COMP AVG. RENT PER SQFT
Comps Range
$1,495
1$1,4952$1,5503$1,5754$1,6255$1,775
$1,775
RENT COMPS ANALYSIS
  • 753 Carpenter Avenue Mooresville, NC 2
    • 3 beds 2 baths ∙ 1,873 Sqft ∙ Built 1954 3 beds 2 baths ∙ 1,873 Sqft ∙ Built 1954
    • Rent
    • Rent Per SQFT
    •  
    • $1,550
    • $0.83
    •  
  • 118 Pleasant Grove Lane Mooresville, NC 1
    • 3 beds 3 baths ∙ 1,704 Sqft ∙ Built 2001 3 beds 3 baths ∙ 1,704 Sqft ∙ Built 2001
    LEASED 04/20/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,495
    • $0.88
    •  
  • 134 E Stewart Avenue Mooresville, NC 3
    • 3 beds 2 baths ∙ 1,831 Sqft ∙ Built 1941 3 beds 2 baths ∙ 1,831 Sqft ∙ Built 1941
    LEASED 07/20/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,575
    • $0.86
    •  
  • 111 Golden Valley Drive Mooresville, NC 4
    • 4 beds 2 baths ∙ 1,852 Sqft ∙ Built 2005 4 beds 2 baths ∙ 1,852 Sqft ∙ Built 2005
    LEASED 08/27/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,625
    • $0.88
    •  
  • 137 Golden Valley Drive Mooresville, NC 5
    • 3 beds 3 baths ∙ 1,948 Sqft ∙ Built 2003 3 beds 3 baths ∙ 1,948 Sqft ∙ Built 2003
    LEASED 10/08/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,775
    • $0.91
    •  
PROPERTY LISTING DETAILS
Maureen Roberge
1.704.323.9222
Lknhomes.com Inc
BESbswy