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105 Ivy Creek Lane Mooresville, NC 28115

4 Beds 3 Baths 2,317 sqft Built 2005

INVESTimate

$274,900

List Price

$1,860

$1,674 - $2,046

Rent Est.

$289,662  ( +5.37%)   1 YR EST. FORECAST

PROPERTY INFO

FACTS
  • Built In 2005
  • Price/Sqft : $118.64
  • 21 Days on Market
  • MLS # : 3649080
  • Updated Date : 08/25/2020 at 10:05
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,317 sqft
  • Baths : 3 full
Listing Agent

Keller Williams Mooresville

Listing Agent's Description

Welcome to 105 Ivy Creek Lane! This home rests in the quaint neighborhood of The village on Park. This 4 BR, 3 full bath home has a spacious 1st floor master w/wic,and 2 story great room. Eat in kitchen has breakfast bar for casual seating along with granite countertops and stainless appliances. Gas range is 6 months old. Formal dining room. Tons of cabinet storage with pantry. Gas fireplace in great room. additional full bath on main level with 2nd Br. that could make a nice office space. Second floor has 2 more bedrooms, and another full bath. This house has an unbelievable amount of walk in attic space! Tons of storage! New HVAC and roof 2019. Fenced in back yard treats you to a covered patio and deck. The HOA includes front and back yard maintenance which means more time for fun and relaxation! This home is minutes from downtown Mooresville, and close to shopping and dining. Stainless fridge in garage , and video cameras in house convey. Tv and mount in g.r. do not convey.

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
Woodland Heights Elementary School Primary Regular 757 42 9
Brawley Middle School Middle Regular 746 41 7
Lake Norman High School High Regular 1,865 88 8

Woodland Heights Elementary School

  • Education Level: Primary
  • # of students: 757
  • # of teachers: 42
9
GreatSchools Rating

Brawley Middle School

  • Education Level: Middle
  • # of students: 746
  • # of teachers: 41
7
GreatSchools Rating

Lake Norman High School

  • Education Level: High
  • # of students: 1,865
  • # of teachers: 88
8
GreatSchools Rating
 

$247,410$302,390$274,900

PURCHASE PRICE

$1,674$2,046$1,860

RENT

DOWN PAYMENT
FINANCING

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$200k$400k$600k$800k$1.0M

PROJECTED ANNUAL CASH FLOW

11530$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k$14k$16k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$100k$200k$300k$400k$500k$600k$700k$800k

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,860
EXPENSES Loan Payment -$1,014
Property Tax -$191
Property Insurance -$71
HOA -$129
Property Management Fees -$167
CASH FLOW
$288

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.

$274,900

PROJECTED PRICE

$1,860

PROJECTED RENT

0.68%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.98%
Appreciation Year (1-5) 5.37%
Maintenance Year (1-5) 8.00%
Vacancy 6.57%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$78,599

INVESTMENT

$78,599

Down Payment
$68,725
Rehab Estimate
$5,750
Closing Costs
$4,124

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 35% down payment or higher enables the proceeds from the asset to cover all costs.

$1,014

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $68,725
Loan Amount $206,175
See What Happens When You Reinvest Cash Flow

9.33

YEARS SAVED

$42,307

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,860

    LIST RENT
  • $0.8

    LIST RENT PER SQFT
  • $1,535

    COMP ESTIMATED VALUE
  • $0.66

    COMP AVG. RENT PER SQFT
Comps Range
$1,500
1$1,5002$1,6353$1,6354$1,8005$1,860
$1,860
RENT COMPS ANALYSIS
  • 105 Ivy Creek Lane Mooresville, NC 5
    • 4 beds 3 baths ∙ 2,317 Sqft ∙ Built 2005 4 beds 3 baths ∙ 2,317 Sqft ∙ Built 2005
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,860
    • $0.80
    •  
  • 211 W Stewart Avenue Mooresville, NC 1
    • 4 beds 2 baths ∙ 2,400 Sqft ∙ Built 1941 4 beds 2 baths ∙ 2,400 Sqft ∙ Built 1941
    property image
    LEASED 05/05/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,500
    • $0.63
    •  
  • 102 Rockhopper Lane Mooresville, NC 2
    • 4 beds 3 baths ∙ 2,505 Sqft ∙ Built 2017 4 beds 3 baths ∙ 2,505 Sqft ∙ Built 2017
    property image
    LEASED 12/13/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,635
    • $0.65
    •  
  • 110 Emperors Trail Mooresville, NC 3
    • 4 beds 3 baths ∙ 2,460 Sqft ∙ Built 2018 4 beds 3 baths ∙ 2,460 Sqft ∙ Built 2018
    property image
    LEASED 01/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,635
    • $0.66
    •  
  • 194 N Cromwell Drive Mooresville, NC 4
    • 5 beds 3 baths ∙ 2,495 Sqft ∙ Built 2018 5 beds 3 baths ∙ 2,495 Sqft ∙ Built 2018
    property image
    LEASED 07/24/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,800
    • $0.72
    •  
PROPERTY LISTING DETAILS
John Marx
1.585.530.9289
Keller Williams Mooresville
BESbswy