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109 Swift Creek Lane Mooresville, NC 28115

5 Beds 2 Baths 2,654 sqft Built 2001

$385,000

List Price

$1,860

$1.7K - $2K

Rent Est.

PROPERTY INFO

February 11, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2001
  • Price/Sqft : $145.06
  • 4 Days on Market
  • MLS # : 3707928
  • Updated Date : 02/11/2021 at 16:21
CONSTRUCTION
  • Beds : 5
  • Floor Size : 2,654 sqft
  • Baths : 2 full
Listing Agent

Opendoor Brokerage Llc

Listing Agent's Description

This Mooresville two-story home offers granite countertops, and a two-car garage. This home is vacant and cleaned regularly.

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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

Neighborhood: Muirfield

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300k320k340k360k380kPrice in $118k390k

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

Neighborhood: Muirfield

NeighborhoodNIR Market*CityMarket2010Year20002019 Q290010001100120013001400150016001700180019002000Rent in $8442004

* 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
South Elementary School Primary Regular 559 34 6
Mooresville Middle School Middle Regular 1,023 53 4
Mooresville High School High Regular 1,787 78 8

South Elementary School

  • Education Level: Primary
  • # of students: 559
  • # of teachers: 34
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
 

$346,500$423,500$385,000

PURCHASE PRICE

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

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,860
EXPENSES Loan Payment -$1,337
Property Tax -$358
Property Insurance -$77
HOA -$21
Property Management Fees -$119
CASH FLOW
-$53

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.

$385,000

PROJECTED PRICE

$1,860

PROJECTED RENT

0.48%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.48%
Appreciation Year (1-5) 2.8%
Maintenance Year (1-5) 8.00%
Vacancy 6.31%
Length of Stay Years 2

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$5.0k$10k$15k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$107,775

INVESTMENT

$107,775

Down Payment
$96,250
Rehab Estimate
$5,750
Closing Costs
$5,775

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 50% down payment or higher enables the proceeds from the asset to cover all costs.

$1,337

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $96,250
Loan Amount $288,750
See What Happens When You Reinvest Cash Flow

4.67

YEARS SAVED

$18,665

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
  • $0.7

    LIST RENT PER SQFT
  • $1,692

    COMP ESTIMATED VALUE
  • $0.64

    COMP AVG. RENT PER SQFT
Comps Range
$1,675
1$1,6752$1,6953$1,7504$1,8605$1,965
$1,965
RENT COMPS ANALYSIS
  • 109 Swift Creek Lane Mooresville, NC 4
    • 5 beds 2 baths ∙ 2,654 Sqft ∙ Built 2001 5 beds 2 baths ∙ 2,654 Sqft ∙ Built 2001
    • Rent
    • Rent Per SQFT
    •  
    • $1,860
    • $0.70
    •  
  • 109 Sand Spur Drive Mooresville, NC 1
    • 4 beds 3 baths ∙ 2,581 Sqft ∙ Built 2008 4 beds 3 baths ∙ 2,581 Sqft ∙ Built 2008
    LEASED 03/26/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,675
    • $0.65
    •  
  • 120 Silverspring Place Mooresville, NC 2
    • 4 beds 3 baths ∙ 2,843 Sqft ∙ Built 2006 4 beds 3 baths ∙ 2,843 Sqft ∙ Built 2006
    LEASED 04/04/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,695
    • $0.60
    •  
  • 130 Sand Spur Drive Mooresville, NC 3
    • 4 beds 3 baths ∙ 2,760 Sqft ∙ Built 2012 4 beds 3 baths ∙ 2,760 Sqft ∙ Built 2012
    LEASED 10/02/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,750
    • $0.63
    •  
  • 113 Colville Road Mooresville, NC 5
    • 4 beds 3 baths ∙ 2,949 Sqft ∙ Built 2007 4 beds 3 baths ∙ 2,949 Sqft ∙ Built 2007
    LEASED 06/20/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,965
    • $0.67
    •  
PROPERTY LISTING DETAILS
Verria Hairston
1.704.751.0133
Opendoor Brokerage Llc
BESbswy