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PROPERTY INFO
FACTS
- Single Family
- Built In 2004
- Price/Sqft : $122.09
- 3 Days on Market
- MLS # : 3710307
- Updated Date : 02/20/2021 at 10:36
CONSTRUCTION
- Beds : 4
- Floor Size : 2,825 sqft
- Baths : 3 full , 1 half
Listing Agent
Lake Norman Realty Inc
Listing Agent's Description
Immaculate home in sought-after Morrison Plantation! Freshly painted throughout, new carpet, and excellent condition! The kitchen has beautiful granite countertops, cherry cabinetry, and a ceramic backsplash. You will love relaxing or entertaining on the beautiful, spacious, screen porch. The huge owner's suite boasts a tray ceiling, fireplace, and an ensuite bathroom with dual vanities, garden tub, and separate shower. Don't miss the HUGE walk-in storage through the owner's closet. There is another bedroom with a private bath, 2 spacious bedrooms, and hall bath to complete the upstairs.
SEE MORE
- 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)
- 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)
PRICE & RENT TRENDS
Neighborhood: Morrison Plantation
* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR
Neighborhood: Morrison Plantation
* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR
SCHOOLS
FINANCIALS
PROJECTED BASIC MONTHLY INCOME STATEMENT
| INCOME | Rent | $1,970 |
| EXPENSES | Loan Payment | -$1,198 |
| Property Tax | -$334 | |
| Property Insurance | -$80 | |
| HOA | -$65 | |
| Property Management Fees | -$119 | |
|
CASH FLOW
$174
|
||
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.
$344,900
PROJECTED PRICE
$1,970
PROJECTED RENT
0.57%
PROJECTED RENT / PRICE RATIO
| Expense Inflation | 2.50% |
| Rental Growth Year (1-5) | 3.48% |
| Appreciation Year (1-5) | 5.6% |
| Maintenance Year (1-5) | 8.00% |
| Vacancy | 6.31% |
| Length of Stay Years | 2 |
PROJECTED ACCUMULATED WEALTH
30 YEAR PROJECTION
- Cash Flow
- Appreciation
- Principal
PROJECTED ANNUAL CASH FLOW
PROJECTED PROPERTY VALUE
30 YEAR PROJECTION
- Appreciation
- Principal
- Loan Balance
TOTAL CASH OUT OF POCKET
INVESTMENT
$97,149
LOAN DETAILS
$1,198
MONTHLY LOAN PAYMENT
| Term | 30 Years |
| Interest | 3.75% |
| Down Payment | $86,225 |
| Loan Amount | $258,675 |
8
YEARS SAVED
$36,017
INTEREST SAVED
CASH FLOW REINVESTMENT
The time & interest saved by applying each month's positive cash flow towards loan principal pay down.
-
$1,970
LIST RENT -
$0.7
LIST RENT PER SQFT
-
$1,956
COMP ESTIMATED VALUE -
$0.69
COMP AVG. RENT PER SQFT
Comps Range
-
112 Steeplechase Avenue Mooresville, NC 4
- 4 beds 4 baths ∙ 2,825 Sqft ∙ Built 2004 4 beds 4 baths ∙ 2,825 Sqft ∙ Built 2004
- Rent
- Rent Per SQFT
- $1,970
- $0.70
-
135 Charleston Drive Mooresville, NC 1
- 3 beds 3 baths ∙ 2,530 Sqft ∙ Built 2018 3 beds 3 baths ∙ 2,530 Sqft ∙ Built 2018
LEASED 06/13/20- Rent
- Rent Per SQFT
- $1,795
- $0.71
-
127 Trotter Ridge Drive Mooresville, NC 2
- 5 beds 3 baths ∙ 2,529 Sqft ∙ Built 2002 5 beds 3 baths ∙ 2,529 Sqft ∙ Built 2002
LEASED 05/19/20- Rent
- Rent Per SQFT
- $1,825
- $0.72
-
125 Steeplechase Avenue Mooresville, NC 3
- 5 beds 3 baths ∙ 3,162 Sqft ∙ Built 2004 5 beds 3 baths ∙ 3,162 Sqft ∙ Built 2004
LEASED 12/25/19- Rent
- Rent Per SQFT
- $1,950
- $0.62
-
103 Hayden Court Mooresville, NC 5
- 4 beds 3 baths ∙ 3,022 Sqft ∙ Built 1999 4 beds 3 baths ∙ 3,022 Sqft ∙ Built 1999
LEASED 11/03/20- Rent
- Rent Per SQFT
- $2,200
- $0.73
PROPERTY LISTING DETAILS
1.704.662.2027
Lake Norman Realty Inc
MLS #: 3710307
Last Updated: 02/20/2021
