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768 Carpenter Avenue Mooresville, NC 28115

3 Beds 2 Baths 1,356 sqft Built 1951

$250,000

List Price

$1,250

$1.1K - $1.4K

Rent Est.

PROPERTY INFO

January 22, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1951
  • Price/Sqft : $184.37
  • 7 Days on Market
  • MLS # : 3699383
  • Updated Date : 01/22/2021 at 15:58
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,356 sqft
  • Baths : 2 full
Listing Agent

Keller Williams Premier

Listing Agent's Description

This lovely 3 bedroom, 2 bath home in the heart of downtown Mooresville is a gem! White kitchen cabinets, updated ceiling fans, fenced yard, and a newer roof (2017), newer HVAC (2019), and a lovely open kitchen/living area. The huge garage has a built in wall heater and the shed has electricity. The yard is large and flat with a raised bed in front. Much more to come!

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
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
 

$225,000$275,000$250,000

PURCHASE PRICE

$1,125$1,375$1,250

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,250
EXPENSES Loan Payment -$868
Property Tax -$233
Property Insurance -$55
Property Management Fees -$119
CASH FLOW
-$25

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.

$250,000

PROJECTED PRICE

$1,250

PROJECTED RENT

0.50%

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

PROJECTED ANNUAL CASH FLOW

11530-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k$10k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$100k$200k$300k$400k$500k$600k$700k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$72,000

INVESTMENT

$72,000

Down Payment
$62,500
Rehab Estimate
$5,750
Closing Costs
$3,750

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$868

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $62,500
Loan Amount $187,500
See What Happens When You Reinvest Cash Flow

4.5

YEARS SAVED

$11,227

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,250

    LIST RENT
  • $0.86

    LIST RENT PER SQFT
  • $1,254

    COMP ESTIMATED VALUE
  • $0.86

    COMP AVG. RENT PER SQFT
Comps Range
$1,200
1$1,2002$1,2503$1,2754$1,4155$1,450
$1,450
RENT COMPS ANALYSIS
  • 768 Carpenter Avenue Mooresville, NC 2
    • 3 beds 2 baths ∙ 1,458 Sqft ∙ Built 1951 3 beds 2 baths ∙ 1,458 Sqft ∙ Built 1951
    • Rent
    • Rent Per SQFT
    •  
    • $1,250
    • $0.86
    •  
  • 317 Cedar Street Mooresville, NC 1
    • 3 beds 2 baths ∙ 1,479 Sqft ∙ Built 1956 3 beds 2 baths ∙ 1,479 Sqft ∙ Built 1956
    LEASED 10/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,200
    • $0.81
    •  
  • 125 N Sycamore Street Mooresville, NC 3
    • 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
    •  
  • 353 Fieldstone Road Mooresville, NC 4
    • 3 beds 2 baths ∙ 1,567 Sqft ∙ Built 1962 3 beds 2 baths ∙ 1,567 Sqft ∙ Built 1962
    LEASED 02/18/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,415
    • $0.90
    •  
  • 503 N Church Street Mooresville, NC 5
    • 3 beds 2 baths ∙ 1,608 Sqft ∙ Built 1900 3 beds 2 baths ∙ 1,608 Sqft ∙ Built 1900
    LEASED 12/30/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,450
    • $0.90
    •  
PROPERTY LISTING DETAILS
April Villines
1.704.454.8820
Keller Williams Premier
BESbswy