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112 Longleaf Drive Mooresville, NC 28117

4 Beds 3 Baths 2,283 sqft Built 2019

INVESTimate

$305,000

List Price

$1,900

$1,710 - $2,090

Rent Est.

$320,616  ( +5.12%)   1 YR EST. FORECAST

PROPERTY INFO

Built 2019 NEW CONSTRUCTION
FACTS
  • Built In 2019
  • Price/Sqft : $133.60
  • 9 Days on Market
  • MLS # : 3651853
  • Updated Date : 08/18/2020 at 16:04
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,283 sqft
  • Baths : 2 full , 1 half
Listing Agent

Realty One Group Select

Listing Agent's Description

Better than new! Move-in ready 2019 home in lakefront community in Mooresville! Lake Norman access via canoe launch. Amenities include a clubhouse w/ a fitness center, pool, 3+ miles of paved walking trails, playground & bocce ball courts. Popular Pinehurst floor plan features 4 bedrooms, an impressive kitchen w/ gas range, rich espresso cabinets, granite counters, stainless appliances & walk-in pantry. The kitchen overlooks the breakfast area & the family room complete w/ a gas fireplace. Sliding doors lead from kitchen nook to backyard. Upstairs you will find 4 large bedrooms, including the owner's retreat w/ a vaulted ceiling, owner bath w/ dual vanities, separate tub & shower as well as a large walk-in closet. The other 3 large bedrooms all have walk-in closets. Large secondary bath w/ dual vanities. Laundry room w/ closet & shelving. Home also includes video doorbell and security system. Great Mooresville location, close to schools, parks, restaurants & shopping! Minutes to I-77.

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

 
Sorry, we do not have sufficient school data for this neighborhood.
 

$274,500$335,500$305,000

PURCHASE PRICE

$1,710$2,090$1,900

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 $1,900
EXPENSES Loan Payment -$1,125
Property Tax -$284
Property Insurance -$70
HOA -$63
Property Management Fees -$171
CASH FLOW
$187

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 9% of earned rent to cover both maintenance and periods of vacancy.

$305,000

PROJECTED PRICE

$1,900

PROJECTED RENT

0.62%

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) 3.00%
Vacancy 6.31%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$82,825

INVESTMENT

$82,825

Down Payment
$76,250
Rehab Estimate
$2,000
Closing Costs
$4,575

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,125

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $76,250
Loan Amount $228,750
See What Happens When You Reinvest Cash Flow

8

YEARS SAVED

$39,448

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,900

    LIST RENT
  • $0.83

    LIST RENT PER SQFT
  • $1,923

    COMP ESTIMATED VALUE
  • $0.84

    COMP AVG. RENT PER SQFT
Comps Range
$1,695
1$1,6952$1,9003$2,0504$2,2005$2,250
$2,250
RENT COMPS ANALYSIS
  • 112 Longleaf Drive Mooresville, NC 2
    • 4 beds 3 baths ∙ 2,283 Sqft ∙ Built 2019 4 beds 3 baths ∙ 2,283 Sqft ∙ Built 2019
    • Rent
    • Rent Per SQFT
    •  
    • $1,900
    • $0.83
    •  
  • 166 Gray Cliff Drive Mooresville, NC 1
    • 3 beds 3 baths ∙ 2,300 Sqft ∙ Built 2003 3 beds 3 baths ∙ 2,300 Sqft ∙ Built 2003
    LEASED 07/22/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,695
    • $0.74
    •  
  • 107 Chasewater Drive Mooresville, NC 3
    • 4 beds 3 baths ∙ 2,420 Sqft ∙ Built 2018 4 beds 3 baths ∙ 2,420 Sqft ∙ Built 2018
    LEASED 12/08/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,050
    • $0.85
    •  
  • 190 Atwater Landing Drive Mooresville, NC 4
    • 5 beds 3 baths ∙ 2,446 Sqft ∙ Built 2020 5 beds 3 baths ∙ 2,446 Sqft ∙ Built 2020
    LEASED 06/26/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,200
    • $0.90
    •  
  • 128 Carolina Ash Lane Mooresville, NC 5
    • 5 beds 3 baths ∙ 2,558 Sqft ∙ Built 2019 5 beds 3 baths ∙ 2,558 Sqft ∙ Built 2019
    LEASED 05/24/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,250
    • $0.88
    •  
PROPERTY LISTING DETAILS
Lauren Knerl
1.704.579.1646
Realty One Group Select
BESbswy