155 Mill Pond Ln · Mooresville, NC 28115

$203,000

3 bd · 1.5 ba · 1,456 sqft · SingleFamily public records · 21 Days on market

Built 1996 0.88 ac lot Est $323k · 37% under

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Why this score? — see what drove the B grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +28.0/30.0
• ARV discount +15.0/15.0
• DSCR +9.9/10.0
• 1% rule +6.5/10.0
• Schools +4.5/10.0
• Livability +3.7/5.0
• Rent growth +2.9/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Bring your vision and creativity to this Mooresville home with great potential. This home features a spacious floor plan and a generous lot. Located near local amenities and Lake Norman, this home is perfect for anyone looking for a project with long-term rewards. Excellent opportunity for investors and renovators as this property offers solid bones and a functional layout. The home is being sold as-is and will require updates and some repairs while making it ideal for those who want to customize a space or add value through renovation. With strong resale potential and convenient access to Lake Norman, shopping, and major highways, this is a rare chance to transform a property with signific

Key facts

• Generous lot
• Lake norman
• Updates and repairs

Tags

• SPACIOUS FLOOR PLAN
• GENEROUS LOT
• LAKE NORMAN
• FUNCTIONAL LAYOUT
• UPDATES AND REPAIRS
• CUSTOMIZE A SPACE

Property features AI

Finance

• HOA & community: No HOA

Exterior

• Parking: Driveway; 3 open parking spaces
• Utilities: Well water; Septic system
• Home design: Manufactured doublewide single-family residence; One level
• Construction: Manufactured construction; Vinyl exterior; Composition roof; Built as a manufactured home
• Exterior features: Sloped lot; Road surface: dirt and paved; Publicly maintained road

Interior

• Kitchen: Other appliances
• Bedrooms: 4 bedrooms (all on the main level)
• Bathrooms: 2 full bathrooms
• Heating & cooling: Electric forced air heating; Central air conditioning
• Interior features: 1 total room; Basement: Other; Crawl space foundation
• Laundry & utility: Laundry in a common area

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $203k.

Deal economics

• At list price, monthly cash flow is $631 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $203k).
• Recommended offer: $200k (1.5% below list) — sets the bar for market timing.
• Cap rate 10.0% vs local median 2.9% in Mooresville — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 73/100 on livability (#66 in NC) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety A+, employment A-; Watch: amenities F, commute F.
• Iredell-Statesville Schools (rural): math 53% / reading 52% proficiency, ranked #51 of 178 in NC (top 29%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents rising (+1.6%/yr); 488 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals leasing fast (median 2d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 1,955 units permitted in Iredell County in 2024 (128 in 5+ unit buildings).
• This rent runs 32% of the median local income ($88k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Iredell County population projected at +26% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 21 days — a 2% lower offer ($200k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $75k; list at $203k implies a 171% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: extreme-heat days projected 7→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $199,955 (1.5% below list)

Questions for the listing agent

1. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
2. Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
3. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
4. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
5. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 1.15% ✓
• Cap rate: 10.02%
• Cash-on-cash: 13.31%
• DSCR: 1.59
• GRM: 7.3

CMA / ARV

• ARV (on-the-fly): $323,232
• Comps found: 3

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
155 Mill Pond Ln	0.00mi	4/2.0 (+1)	1,456 (0%)	0mo	$194,500	$134	93
118 Milroy Ln #171	0.44mi	3/2.0	1,314 (-10%)	9mo	$305,000	$232	54
134 Nevis Ln	0.47mi	3/2.0	1,641 (+13%)	8mo	$365,000	$222	48

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 1.58% rent growth · sell at horizon

5-year hold

• IRR: 1.8%
• Equity multiple: 1.07×
• Total profit: $3,910
• Equity at exit: $30,268

10-year hold

• IRR: 10.1%
• Equity multiple: 1.73×
• Total profit: $41,713
• Equity at exit: $17,552

Cash invested: $56,840 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 85 Strongly Landlord-Friendly
• State North Carolina: 85 Strongly Landlord-Friendly · R+3
• County: — inherits STATE
• City: — inherits STATE

10-day notice; preempted; landlord-favorable but court speed varies.

Methodology + full state rankings →

ZIP-level market 28115

• Rents YoY: 1.6%
• Active inventory: 488
• Price-to-rent: 7.3×

Monthly cashflow live

• Estimated rent: $2,325 medium
• Mortgage (P&I): −$1,065
• Tax from tax record: −$57 /mo · $686/yr
• Insurance: −$85
• HOA: −$0
• Vacancy / Maint / Mgmt: −$488
• Net cashflow: $631

Break-even live

Break-even rent $1,527

Max offer price $203,000

Occupancy floor 68%

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $50,750
• Closing costs: $6,090
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
11111 Mill Spring Ln Concord, NC	1.0–2.0	1.0–2.0	912	$2,000	$2.19	1d	124	0.22mi
19020 Potts Park Ln Davidson, NC	1.0–3.0	1.0–2.0	1102	$3,674	$3.33	1d	57	1.30mi
919 Briarcliff Rd Mooresville, NC	4.0	2.0	1562	$2,070	$1.33	24d	1	1.43mi

Listing history 3 events

1. 2026-04-30
   status Pending
2. 2026-04-09
   listed $203,000 Active
3. 2007-10-31
   soldstatus $75,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast NC · Resets to sale price

• Current annual tax: $686 · $57/mo
• Projected year-2 tax: $1,665 · $139/mo
• Expected delta: +$978/yr (+$82/mo · 142.6%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 5/10 Major 7 d/yr ≥104°F today · 17 d/yr by 30 yrs out
• 💨 Wind 4/10 Moderate 9% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $27,903
• − Mortgage interest: −$11,371
• − Property taxes: −$686
• − Insurance: −$1,015
• − Repairs & maintenance: −$2,232
• − Management: −$2,232
• − Depreciation: −$5,905
• Taxable income: $4,461
• Est. tax owed @ 24.0%: −$1,071
• After-tax cash flow: $6,497/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Iredell-Statesville Schools
• NCES district ID: 3702310
• Math proficiency: 53% ▲ 8.00%
• Reading proficiency: 52% ▲ 4.00%
• Median HH income: $51,201
• Composite: 44.98/100
• National rank: #2703
• State rank: #51 of 178 in NC

Livability — Mooresville

• Score: 73/100
• State rank: #66
• US rank: #5026

Category grades

Amenities F Commute F Cost of living B Crime C+ Employment A- Housing A+ Health & safety A+ User ratings D-

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Iredell County · 182,638 people
• City population: 92,370
• Metro: Charlotte-Concord-Gastonia, NC-SC
• Population (ZIP): 43,544
• Household income: $87,787
• Rent vs Own: 25.6% rent · 74.4% own
• Severe rent burden: 803.0

Population outlook (Iredell County) Hauer SSP2

• Today (2025): 194,510 people
• By 2030: 206,171 · +6.0%
• By 2040: 227,781 · +17.1%
• By 2050: 245,102 · +26.0%
• By 2075: 280,896 · +44.4%
• By 2100: 294,375 · +51.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (77%)
• Race & ethnicity: White 77% Black 10% Hispanic / Latino 6% Two or more races 6% Asian 2%
• Hispanic origin (detail): Mexican 2% Puerto Rican 1%
• Common ancestry: Iranian 3% Lithuanian 3% Romanian 3%
• Foreign-born: 6% · Canada, Vietnam
• Languages at home: 93% English-only · Spanish 4% Other Asian/Pacific 1% Vietnamese 1%

Political lean MEDSL · Iredell

• 2024 margin: Solid R (+32.6) · D 33.2% · R 65.8%
• 2008→2024 swing: -8.2pp toward R · 2008: -24.4pp · 2024: -32.6pp
• All cycles: 2024: R+32.6 2020: R+32.4 2016: R+36.8 2012: R+30.5 2008: R+24.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -135.96%
• Current HPI: 246.6181
• Rent YoY: ▲ 1.58%
• Metro: Charlotte-Concord-Gastonia, NC-SC
• State GDP YoY: ▲ 3.28%
• F500 in state: 26

Industry mix (Fortune 500 HQ in NC)

Industry	F500 HQs	Revenue
▸Financial Services	2	$213B
▸Retail	2	$95B
▸Industrial Conglomerate	1	$38B
▸Metals / Steel	1	$35B
▸Utilities	1	$30B
▸Industrial Machinery	1	$19B

Price history

+170.7% since first listed

3 events — show timeline

• 2026-04-30 Pending — CANOPYMLS as Distributed by MLS Grid
• 2026-04-09 Listed $203,000 CANOPYMLS as Distributed by MLS Grid
• 2007-10-31 Sold (Public Records) $75,000 Public Records

Property tax history

+7.7%/yr

Latest (2025): $686 · +100.0% YoY. Source: county tax records.