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890 Mount Ulla Highway Mooresville, NC 28115

4 Beds 3 Baths 1,782 sqft Built 1962

$195,500

List Price

$1,610

$1.4K - $1.8K

Rent Est.

PROPERTY INFO

80% chance this property will be sold within the next 20 days HOT INVESTMENT
SINGLE-FAMILY
February 23, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1962
  • Price/Sqft : $109.71
  • 6 Days on Market
  • MLS # : 3711059
  • Updated Date : 02/23/2021 at 12:27
CONSTRUCTION
  • Beds : 4
  • Floor Size : 1,782 sqft
  • Baths : 2 full , 1 half
Listing Agent

Lake Norman Realty, Inc

Listing Agent's Description

Older, all-brick home with 1782 sq ft, 4 BR/2.5 BA on a large 1 acre lot in Mooresville. Well and septic in place. Hardwoods floors are under carpet in the bedrooms, fireplace in living room. Dining area off of kitchen. Well-built home that was built in the early 60's. Appliances convey. Attached 2-car carport with storage area. Lots of space for a growing family or a great investment property!

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
 

$175,950$215,050$195,500

PURCHASE PRICE

$1,449$1,771$1,610

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,610
EXPENSES Loan Payment -$679
Property Tax -$107
Property Insurance -$61
Property Management Fees -$119
CASH FLOW
$644

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.

$195,500

PROJECTED PRICE

$1,610

PROJECTED RENT

0.82%

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

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$57,558

INVESTMENT

$57,558

Down Payment
$48,875
Rehab Estimate
$5,750
Closing Costs
$2,933

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$679

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $48,875
Loan Amount $146,625
See What Happens When You Reinvest Cash Flow

17.58

YEARS SAVED

$57,981

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,610

    LIST RENT
  • $0.9

    LIST RENT PER SQFT
  • $1,577

    COMP ESTIMATED VALUE
  • $0.88

    COMP AVG. RENT PER SQFT
Comps Range
$1,349
1$1,3492$1,3753$1,3954$1,6105$1,645
$1,645
RENT COMPS ANALYSIS
  • 890 Mount Ulla Highway Mooresville, NC 4
    • 4 beds 3 baths ∙ 1,782 Sqft ∙ Built 1962 4 beds 3 baths ∙ 1,782 Sqft ∙ Built 1962
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,610
    • $0.90
    •  
  • 255 Sweet Martha Drive Mooresville, NC 1
    • 3 beds 3 baths ∙ 1,600 Sqft ∙ Built 1999 3 beds 3 baths ∙ 1,600 Sqft ∙ Built 1999
    property image
    LEASED 01/13/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,349
    • $0.84
    •  
  • 135 Devon Forest Drive Mooresville, NC 2
    • 3 beds 3 baths ∙ 1,594 Sqft ∙ Built 1999 3 beds 3 baths ∙ 1,594 Sqft ∙ Built 1999
    property image
    LEASED 05/18/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,375
    • $0.86
    •  
  • 146 Chere Helen Drive Mooresville, NC 3
    • 4 beds 3 baths ∙ 1,548 Sqft ∙ Built 2000 4 beds 3 baths ∙ 1,548 Sqft ∙ Built 2000
    property image
    LEASED 10/08/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,395
    • $0.90
    •  
  • 121 Rockhopper Lane Mooresville, NC 5
    • 4 beds 4 baths ∙ 1,758 Sqft ∙ Built 2020 4 beds 4 baths ∙ 1,758 Sqft ∙ Built 2020
    property image
    LEASED 01/31/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,645
    • $0.94
    •  
PROPERTY LISTING DETAILS
Nancy Hucks
1.704.677.4302
Lake Norman Realty, Inc
1.866.250.5610
Carolina Multiple Listing Services ( Carolina)
MLS #: 3711059
Last Updated: 02/23/2021
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