362 E Mills Ave · Mooresville, NC 28115

$234,999

3 bd · 2.0 ba · 1,300 sqft · Townhouse public records · 88 Days on market

Built 2021 2,613 sqft lot $181/sqft · 19% below area Est $293k · 20% under $184/mo HOA · 10% of rent

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Why this score? — see what drove the D- 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).

• ARV discount +15.0/15.0
• Cash flow +7.1/30.0
• Schools +4.6/10.0
• Livability +3.7/5.0
• Rent growth +2.9/5.0
• 1% rule +2.7/10.0
• Condition / age +2.5/5.0
• DSCR +1.3/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

362 E Mills Ave is a charming end-unit townhome set among mature trees with a private parking lot just steps from the back door, offering a peaceful, low-maintenance retreat in the heart of Mooresville. Inside, the home features a bright, open layout with hard surface vinyl flooring throughout, a kitchen with new stainless-steel appliances, and rich dark brown cabinetry that adds warmth and depth to the space. Just steps away, Nesbit Park offers a welcoming green escape for morning walks and quiet afternoons, while Willow Valley Nature Preserve and Glenwood Memorial Park are both just nearby — giving you plenty of options to get outside and unwind surrounded by nature. The walkable Merino Mill business park on S Main St is just around the corner, home to local favorites like Barcelona Burger & Beer Garden, Alino Pizzeria, Defined Coffee, and The Mill Cyclery. Beyond that, quick access to I-77 and downtown Mooresville puts shopping, dining, and the shores of Lake Norman all within easy reach. A vibrant Mooresville lifestyle, with everything you need just outside your door.

Key facts

• Private parking lot
• Quick access to i-77
• Lake norman

Tags

• PRIVATE PARKING LOT
• MATURE TREES
• QUICK ACCESS TO I-77
• DOWNTOWN MOORESVILLE
• LAKE NORMAN

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath townhouse listed at $235k.

Deal economics

• At list price, monthly cash flow is $-336 ($-4k/yr) — negative.
• To cash-flow at today's rent, offer at most $176k (25.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $180k (23.3% below list).
• Recommended offer: $176k (25.3% below list) — sets the bar for cash-flow.
• Cap rate 4.6% vs local median 3.0% 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.
• Mooresville Graded School District (other): math 51% / reading 55% proficiency, ranked #49 of 178 in NC (top 28%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: South Elementary (math 52% / reading 62%, grade C+, #249 of 1,410 statewide, top 20%, 572 students, 61% FRL); Mooresville Middle (math 37% / reading 47%, grade D-, #199 of 475 statewide, top 43%, 933 students, 45% FRL); Mooresville High School (math 74% / reading 72%, grade B+, #100 of 535 statewide, top 19%, 1,969 students, 36% FRL) — zoned schools average 48% FRL vs 31% district-wide (17 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+1.6%/yr); 499 active listings in the ZIP; 18 comparable units currently listed for rent nearby; rentals at typical pace (median 17d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 1,955 units permitted in Iredell County in 2024 (128 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k 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 88 days — a 6% lower offer ($221k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Climate carrying-cost: extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $175,565 (25.3% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 88 days. Have you received any prior offers? Is the seller open to a 25% concession, seller financing, or rate buy-down credit?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
8. 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.
9. 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.
10. 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: 0.77% ✗
• Cap rate: 4.57%
• Cash-on-cash: -6.14%
• DSCR: 0.73
• GRM: 10.9

CMA / ARV

• ARV (median comp): $292,596
• List price: $234,999
• Delta: -19.68%
• Verdict: UNDERPRICED
• Comps: 15 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -28.5%
• Equity multiple: 0.06×
• Total profit: $-61,937
• Equity at exit: $35,039

10-year hold

• IRR: -35.1%
• Equity multiple: -0.39×
• Total profit: $-91,204
• Equity at exit: $20,318

Cash invested: $65,800 (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: 499
• Price-to-rent: 10.9×

Monthly cashflow live

• Estimated rent: $1,803 high
• Mortgage (P&I): −$1,232
• Tax from tax record: −$247 /mo · $2,960/yr
• Insurance: −$98
• HOA: −$184
• Vacancy / Maint / Mgmt: −$379
• Net cashflow: $-336

Break-even live

Break-even rent $2,229

Max offer price $175,565

Occupancy floor —

Sensitivity live

Price	-10% $-203	-5% $-270	+0% $-336	+5% $-403	+10% $-469
Rent	-10% $-479	-5% $-408	+0% $-336	+5% $-265	+10% $-194
Rate	-1.0pp $-218	-0.5pp $-277	base $-336	+0.5pp $-397	+1.0pp $-459

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: $58,750
• Closing costs: $7,050
• Reserves months: —
• Total cash needed: —

Rent comps 18 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
630 S Main St Apt 14 Mooresville, NC	2.0	1.5	1100	$1,425	$1.30	26d	1	0.32mi
729 Spruce St Mooresville, NC	2.0	1.0	1250	$1,400	$1.12	26d	1	0.34mi
504 E McLelland Ave Mooresville, NC	3.0	2.0	1054	$1,673	$1.59	26d	1	0.41mi
208 Parker Ave Mooresville, NC	2.0	1.0	1200	$1,400	$1.17	26d	1	0.42mi
222 S Main St Mooresville, NC	3.0	2.0	1353	$1,879	$1.39	0d	2	0.66mi
201 N Church St Mooresville, NC	1.0–3.0	1.0–2.0	1182	$1,995	$1.69	0d	5	0.91mi
131 High Bluff Cir Mooresville, NC	3.0	2.5	1544	$2,995	$1.94	22d	1	1.09mi
604 E Iredell Ave Unit 2 Mooresville, NC	3.0	2.0	1323	$1,395	$1.05	16d	1	1.12mi
604 E Iredell Ave Mooresville, NC	3.0	2.0	1323	$1,395	$1.05	18d	2	1.12mi
604 E Iredell Ave Unit 2 Mooresville, NC	3.0	2.0	1323	$1,395	$1.05	26d	1	1.12mi
227 N Magnolia St Mooresville, NC	3.0	2.0	1734	$2,300	$1.33	14d	1	1.21mi
900 W Wilson Ave Mooresville, NC	2.0	1.0	970	$1,248	$1.29	0d	10	1.27mi
117 Abberly Green Blvd Unit Elliot I Mooresville, NC	2.0	2.0	1204	$1,648	$1.37	7d	1	1.34mi
776 White Oaks Rd Mooresville, NC	1.0–2.0	1.0–1.5	897	$1,435	$1.60	5d	7	1.35mi
128 Mackwood Rd Mooresville, NC	2.0	2.0	1058	$1,550	$1.47	7d	1	1.36mi
704 N Main St Mooresville, NC	4.0	3.0	1611	$2,000	$1.24	26d	1	1.38mi
103 Kam Dr Mooresville, NC	3.0	2.0	1350	$1,775	$1.31	7d	1	1.46mi
161 Lansing Cir Mooresville, NC	3.0	1.0–2.0	717	$1,652	$2.30	0d	12	1.48mi

HOA detail

• Monthly dues: $184 · $2,208/yr

Listing history 17 events

1. 2026-06-21
   days on market $234,999 Active 88 DOM
2. 2026-06-18
   days on market $234,999 Active 85 DOM
3. 2026-06-17
   days on market $234,999 Active 84 DOM
4. 2026-06-16
   days on market $234,999 Active 83 DOM
5. 2026-06-15
   days on market $234,999 Active 82 DOM
6. 2026-06-13
   days on market $234,999 Active 80 DOM
7. 2026-06-09
   days on market $234,999 Active 76 DOM
8. 2026-06-08
   days on market $234,999 Active 75 DOM
9. 2026-06-07
   days on market $234,999 Active 74 DOM
10. 2026-06-04
    days on market $234,999 Active 71 DOM
11. 2026-06-03
    days on market $234,999 Active 70 DOM
12. 2026-06-02
    days on market $234,999 Active 69 DOM
13. 2026-06-01
    days on market $234,999 Active 68 DOM
14. 2026-05-31
    days on market $234,999 Active 67 DOM
15. 2026-05-01
    price $240,000 1102-char remark

    Show marketing remark (1102 chars)

    362 E Mills Ave is a charming end-unit townhome set among mature trees with a private parking lot just steps from the back door, offering a peaceful, low-maintenance retreat in the heart of Mooresville. Inside, the home features a bright, open layout with hard surface vinyl flooring throughout, a kitchen with new stainless-steel appliances, and rich dark brown cabinetry that adds warmth and depth to the space. Just steps away, Nesbit Park offers a welcoming green escape for morning walks and quiet afternoons, while Willow Valley Nature Preserve and Glenwood Memorial Park are both just nearby — giving you plenty of options to get outside and unwind surrounded by nature. The walkable Merino Mill business park on S Main St is just around the corner, home to local favorites like Barcelona Burger & Beer Garden, Alino Pizzeria, Defined Coffee, and The Mill Cyclery. Beyond that, quick access to I-77 and downtown Mooresville puts shopping, dining, and the shores of Lake Norman all within easy reach. A vibrant Mooresville lifestyle, with everything you need just outside your door.

16. 2026-03-25
    listed $242,000 Active 1102-char remark

    Show marketing remark (1102 chars)

    362 E Mills Ave is a charming end-unit townhome set among mature trees with a private parking lot just steps from the back door, offering a peaceful, low-maintenance retreat in the heart of Mooresville. Inside, the home features a bright, open layout with hard surface vinyl flooring throughout, a kitchen with new stainless-steel appliances, and rich dark brown cabinetry that adds warmth and depth to the space. Just steps away, Nesbit Park offers a welcoming green escape for morning walks and quiet afternoons, while Willow Valley Nature Preserve and Glenwood Memorial Park are both just nearby — giving you plenty of options to get outside and unwind surrounded by nature. The walkable Merino Mill business park on S Main St is just around the corner, home to local favorites like Barcelona Burger & Beer Garden, Alino Pizzeria, Defined Coffee, and The Mill Cyclery. Beyond that, quick access to I-77 and downtown Mooresville puts shopping, dining, and the shores of Lake Norman all within easy reach. A vibrant Mooresville lifestyle, with everything you need just outside your door.

17. 2025-11-20
    soldstatus $235,000

ⓘ 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: $2,960 · $247/mo
• Projected year-2 tax: $2,960 · $247/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 3/10 Moderate
• 🌡 Heat 5/10 Major 7 d/yr ≥103°F today · 16 d/yr by 30 yrs out
• 💨 Wind 4/10 Moderate 10% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $21,638
• − Mortgage interest: −$13,164
• − Property taxes: −$2,960
• − Insurance: −$1,175
• − Repairs & maintenance: −$1,731
• − Management: −$1,731
• − HOA: −$2,208
• − Depreciation: −$6,836
• Taxable loss: −$8,167
• Est. tax savings @ 24.0%: +$1,960
• After-tax cash flow: $-2,077/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: Mooresville Graded School District
• NCES district ID: 3703120
• Math proficiency: 51% ▼ -3.00%
• Reading proficiency: 55% ▬ 0.00%
• Median HH income: $54,800
• Composite: 45.72/100
• National rank: #2574
• State rank: #49 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

• Census place: Mooresville, NC
• 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

+2.1% since first listed

3 events — show timeline

• 2026-05-01 Price Changed $240,000 CANOPYMLS as Distributed by MLS Grid
• 2026-03-25 Listed $242,000 CANOPYMLS as Distributed by MLS Grid
• 2025-11-20 Sold (Public Records) $235,000 Public Records

Property tax history

+25.9%/yr

Latest (2025): $2,960 · +2.1% YoY. Source: county tax records.