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116 Cherry Bark Drive Mooresville, NC 28117

6 Beds 6 Baths 3,623 sqft Built 2014

$440,000

List Price

$2,790

$2.5K - $3K

Rent Est.

PROPERTY INFO

January 28, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2014
  • Price/Sqft : $121.45
  • 4 Days on Market
  • MLS # : 3703028
  • Updated Date : 01/29/2021 at 12:13
CONSTRUCTION
  • Beds : 6
  • Floor Size : 3,623 sqft
  • Baths : 5 full , 1 half
Listing Agent

Exp Realty Llc

Listing Agent's Description

Move-in ready in The Farms, Mooresville, North Carolina near Lake Norman. Main floor features hardwood floors, gourmet kitchen, enclosed office, laundry room, and guest suite with private full bath. Upstairs bed / bonus with private bath, 3 additional bedrooms, and master suite with sitting area, fireplace, bath, and walk-in closet with added full laundry area. Perfect for working and schooling from home. Back yard features screen porch and large patio with natural gas grill, bar area, and rock fireplace. Walking distance to Woodland Heights Elem and Middle School. Community features include clubhouse, pool, tennis, volleyball, soccer, walking trails, park, pavilion and more. Owner is licensed NC broker. New paint throughoutWelcome home to The Farms in oh-so-desired Mooresville, North carolina! Rare opportunity, move-in ready home that has been beautifully maintained.

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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

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
 

$396,000$484,000$440,000

PURCHASE PRICE

$2,511$3,069$2,790

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,790
EXPENSES Loan Payment -$1,528
Property Tax -$446
Property Insurance -$95
HOA -$131
Property Management Fees -$119
CASH FLOW
$470

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.

$440,000

PROJECTED PRICE

$2,790

PROJECTED RENT

0.63%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.48%
Appreciation Year (1-5) 5.1%
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$1.2M$1.4M$1.6M

PROJECTED ANNUAL CASH FLOW

11530$0.0$5.0k$10k$15k$20k$25k$30k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k$1.0M$1.2M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$122,350

INVESTMENT

$122,350

Down Payment
$110,000
Rehab Estimate
$5,750
Closing Costs
$6,600

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 30% down payment or higher enables the proceeds from the asset to cover all costs.

$1,528

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $110,000
Loan Amount $330,000
See What Happens When You Reinvest Cash Flow

10.75

YEARS SAVED

$71,660

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,790

    LIST RENT
  • $0.77

    LIST RENT PER SQFT
  • $2,947

    COMP ESTIMATED VALUE
  • $0.81

    COMP AVG. RENT PER SQFT
Comps Range
$2,700
1$2,7002$2,7903$2,8004$2,800
$2,800
RENT COMPS ANALYSIS
  • 116 Cherry Bark Drive Mooresville, NC 2
    • 6 beds 6 baths ∙ 3,623 Sqft ∙ Built 2014 6 beds 6 baths ∙ 3,623 Sqft ∙ Built 2014
    • Rent
    • Rent Per SQFT
    •  
    • $2,790
    • $0.77
    •  
  • 154 Cherry Bark Drive Mooresville, NC 1
    • 5 beds 5 baths ∙ 3,427 Sqft ∙ Built 2014 5 beds 5 baths ∙ 3,427 Sqft ∙ Built 2014
    LEASED 01/06/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,700
    • $0.79
    •  
  • 115 Ferngrove Court Mooresville, NC 3
    • 6 beds 5 baths ∙ 3,376 Sqft ∙ Built 2016 6 beds 5 baths ∙ 3,376 Sqft ∙ Built 2016
    LEASED 06/17/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,800
    • $0.83
    •  
  • 126 Cherry Bark Drive Mooresville, NC 4
    • 5 beds 5 baths ∙ 3,406 Sqft ∙ Built 2014 5 beds 5 baths ∙ 3,406 Sqft ∙ Built 2014
    LEASED 10/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,800
    • $0.82
    •  
PROPERTY LISTING DETAILS
Terra Sunderland
1.704.564.9154
Exp Realty Llc
BESbswy