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111 Silverspring Place Mooresville, NC 28117

3 Beds 4 Baths 2,989 sqft Built 2008

$349,500

List Price

$1,840

$1.7K - $2K

Rent Est.

PROPERTY INFO

November 27, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2008
  • Price/Sqft : $116.93
  • 3 Days on Market
  • MLS # : 3686533
  • Updated Date : 11/28/2020 at 19:29
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,989 sqft
  • Baths : 3 full , 1 half
Listing Agent

Exp Realty Llc

Listing Agent's Description

Abundance of space in 2-story home w/unfinished basement. Open floor plan boasts gourmet kitchen w/custom upgraded cabinets, soft close drawers, granite countertops, SS appliances, & huge island. Stunning under cabinet accent lighting adds ambience to kitchen. Great flow into large family room w/custom built-ins & gas log fireplace perfect for entertaining. Formal living & dining. Wrought iron staircase. 2nd level offers huge loft w/custom built-in home office. Grand master w/luxury en suite, including dual vanity sinks, garden tub, separate shower & oversized walk-in closet. 2 spacious secondary bedrooms, each w/custom built-ins & bathroom w/granite countertops. Large laundry w/built-in storage. Entire interior house freshly painted, including shutters/front door. Basement plumbing & electrical ready, can be converted into 2nd living quarters, gym, bar, gameroom, etc. Epoxy flooring garage w/built-in cabinets/shelving. Home is immaculate & move in ready just in time for the holidays!

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

Neighborhood: Waterlynn

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300kPrice in $118k318k

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

Neighborhood: Waterlynn

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2900100011001200130014001500160017001800Rent in $8441853

* 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
Coddle Creek Elementary School Primary Regular 504 29 5
Brawley Middle School Middle Regular 746 41 7
Lake Norman High School High Regular 1,865 88 8

Coddle Creek Elementary School

  • Education Level: Primary
  • # of students: 504
  • # of teachers: 29
5
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
 

$314,550$384,450$349,500

PURCHASE PRICE

$1,656$2,024$1,840

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,840
EXPENSES Loan Payment -$1,290
Property Tax -$341
Property Insurance -$83
HOA -$44
Property Management Fees -$166
CASH FLOW
-$83

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.

$349,500

PROJECTED PRICE

$1,840

PROJECTED RENT

0.53%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.48%
Appreciation Year (1-5) 3.9%
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-$4.0k-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k

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$98,368

INVESTMENT

$98,368

Down Payment
$87,375
Rehab Estimate
$5,750
Closing Costs
$5,243

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 55% down payment or higher enables the proceeds from the asset to cover all costs.

$1,290

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $87,375
Loan Amount $262,125
See What Happens When You Reinvest Cash Flow

3.42

YEARS SAVED

$12,609

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,840

    LIST RENT
  • $0.62

    LIST RENT PER SQFT
  • $1,935

    COMP ESTIMATED VALUE
  • $0.65

    COMP AVG. RENT PER SQFT
Comps Range
$1,695
1$1,6952$1,8403$1,8504$1,9655$1,975
$1,975
RENT COMPS ANALYSIS
  • 111 Silverspring Place Mooresville, NC 2
    • 3 beds 4 baths ∙ 2,989 Sqft ∙ Built 2008 3 beds 4 baths ∙ 2,989 Sqft ∙ Built 2008
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,840
    • $0.62
    •  
  • 120 Silverspring Place Mooresville, NC 1
    • 4 beds 3 baths ∙ 2,843 Sqft ∙ Built 2006 4 beds 3 baths ∙ 2,843 Sqft ∙ Built 2006
    property image
    LEASED 04/04/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,695
    • $0.60
    •  
  • 109 Community Park Lane Mooresville, NC 3
    • 4 beds 3 baths ∙ 2,968 Sqft ∙ Built 2013 4 beds 3 baths ∙ 2,968 Sqft ∙ Built 2013
    property image
    LEASED 10/31/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,850
    • $0.62
    •  
  • 113 Colville Road Mooresville, NC 4
    • 4 beds 3 baths ∙ 2,949 Sqft ∙ Built 2007 4 beds 3 baths ∙ 2,949 Sqft ∙ Built 2007
    property image
    LEASED 06/20/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,965
    • $0.67
    •  
  • 145 Four Seasons Way Mooresville, NC 5
    • 3 beds 3 baths ∙ 2,818 Sqft ∙ Built 2015 3 beds 3 baths ∙ 2,818 Sqft ∙ Built 2015
    property image
    LEASED 06/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,975
    • $0.70
    •  
PROPERTY LISTING DETAILS
Billy Arango
1.704.293.4516
Exp Realty Llc
BESbswy