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106 Swamp Rose Drive Mooresville, NC 28117

4 Beds 4 Baths 3,005 sqft Built 2015

INVESTimate

$359,900

List Price

$2,200

$1,980 - $2,420

Rent Est.

$378,327  ( +5.12%)   1 YR EST. FORECAST

PROPERTY INFO

FACTS
  • Built In 2015
  • Price/Sqft : $119.77
  • 21 Days on Market
  • MLS # : 3648410
  • Updated Date : 08/21/2020 at 00:05
CONSTRUCTION
  • Beds : 4
  • Floor Size : 3,005 sqft
  • Baths : 3 full , 1 half
Listing Agent

Keller Williams Mooresville

Listing Agent's Description

This amazing home has a Very open floor plan with huge great room that opens to the kitchen. Separate living room at the front that could also be used as an office. Master down features dual sinks, separate garden tub, shower and massive walk in closet. 3 large bedrooms upstairs, one with a private bath, perfect for guest suite. Large loft area upstairs. Walking distance to Woodland Heights elementary and middle.

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: 28117

ZipNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300k320k340k360k380k400k420kPrice in $118k427k

* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR

Zip Code: 28117

ZipNIR Market*CityMarket2010Year20002019 Q29001000110012001300140015001600170018001900Rent in $8441980

* 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
 

$323,910$395,890$359,900

PURCHASE PRICE

$1,980$2,420$2,200

RENT

DOWN PAYMENT
FINANCING

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$200k$400k$600k$800k$1.0M$1.2M

PROJECTED ANNUAL CASH FLOW

11530$0.0$5.0k$10k$15k$20k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k$1.0M

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,200
EXPENSES Loan Payment -$1,328
Property Tax -$349
Property Insurance -$84
Property Management Fees -$198
CASH FLOW
$241

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 14% of earned rent to cover both maintenance and periods of vacancy.

$359,900

PROJECTED PRICE

$2,200

PROJECTED RENT

0.61%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.48%
Appreciation Year (1-5) 5.12%
Maintenance Year (1-5) 8.00%
Vacancy 6.31%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$101,124

INVESTMENT

$101,124

Down Payment
$89,975
Rehab Estimate
$5,750
Closing Costs
$5,399

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 40% down payment or higher enables the proceeds from the asset to cover all costs.

$1,328

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $89,975
Loan Amount $269,925
See What Happens When You Reinvest Cash Flow

8.25

YEARS SAVED

$46,296

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,200

    LIST RENT
  • $0.73

    LIST RENT PER SQFT
  • $2,412

    COMP ESTIMATED VALUE
  • $0.8

    COMP AVG. RENT PER SQFT
Comps Range
$2,045
1$2,0452$2,2003$2,2504$2,4005$2,550
$2,550
RENT COMPS ANALYSIS
  • 106 Swamp Rose Drive Mooresville, NC 2
    • 4 beds 4 baths ∙ 3,005 Sqft ∙ Built 2015 4 beds 4 baths ∙ 3,005 Sqft ∙ Built 2015
    • Rent
    • Rent Per SQFT
    •  
    • $2,200
    • $0.73
    •  
  • 111 Swamp Rose Drive Mooresville, NC 1
    • 4 beds 3 baths ∙ 2,751 Sqft ∙ Built 2015 4 beds 3 baths ∙ 2,751 Sqft ∙ Built 2015
    LEASED 01/07/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,045
    • $0.74
    •  
  • 136 Yellowbell Road Mooresville, NC 3
    • 4 beds 3 baths ∙ 2,724 Sqft ∙ Built 2015 4 beds 3 baths ∙ 2,724 Sqft ∙ Built 2015
    LEASED 08/09/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,250
    • $0.83
    •  
  • 115 Swamp Rose Drive Mooresville, NC 4
    • 5 beds 3 baths ∙ 2,970 Sqft ∙ Built 2015 5 beds 3 baths ∙ 2,970 Sqft ∙ Built 2015
    LEASED 02/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,400
    • $0.81
    •  
  • 132 Cherry Bark Drive Mooresville, NC 5
    • 5 beds 4 baths ∙ 3,030 Sqft ∙ Built 2015 5 beds 4 baths ∙ 3,030 Sqft ∙ Built 2015
    LEASED 02/25/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,550
    • $0.84
    •  
PROPERTY LISTING DETAILS
David Fox
1.704.200.4165
Keller Williams Mooresville
BESbswy