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116 Crossbow Lane Mooresville, NC 28117

5 Beds 3 Baths 3,349 sqft Built 2000

$482,000

List Price

$2,390

$2.2K - $2.6K

Rent Est.

PROPERTY INFO

February 10, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2000
  • Price/Sqft : $143.92
  • 7 Days on Market
  • MLS # : 3706191
  • Updated Date : 02/13/2021 at 17:18
CONSTRUCTION
  • Beds : 5
  • Floor Size : 3,349 sqft
  • Baths : 3 full
Listing Agent

Akm Property Management Llc

Listing Agent's Description

LAKEFRONT COMMUNITY! DEEDED BOAT SLIP! Beautiful 5 bedroom, 3 bath home with lots of privacy. New laminate flooring on main level. Open concept layout perfect for entertaining! Family room has beautiful natural light and a gas fireplace with large built-ins on either side. Updated kitchen with tons of cabinets/storage space, corian countertops, gas range, bar w/seating and breakfast area. There is a bedroom on the main level that is located right next to the full bath. Upstairs you will find 4 bedrooms, 2 full baths plus a bonus/loft area. Spacious master bedroom with bay window, large ensuite bathroom with soaker tub, shower and double vanity sinks as well as a large walk-in closet. Home has a large screened-in porch with an attached deck great for sitting out and enjoying the beautiful Carolina weather! Community features 2 pools, one which overlooks Lake Norman, sidewalks, streetlights and lake access. New HVAC 2018/20, new water heater 2016 roof approx. 2012.

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: Morrison Cove

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300k320k340k360k380k400k420kPrice in $118k426k

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

Neighborhood: Morrison Cove

NeighborhoodNIR Market*CityMarket2010Year20002019 Q210001200140016001800200022002400Rent in $8442408

* 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
Lake Norman Elementary School Primary Regular 495 28 8
Brawley Middle School Middle Regular 746 41 7
Lake Norman High School High Regular 1,865 88 8

Lake Norman Elementary School

  • Education Level: Primary
  • # of students: 495
  • # of teachers: 28
8
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
 

$433,800$530,200$482,000

PURCHASE PRICE

$2,151$2,629$2,390

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,390
EXPENSES Loan Payment -$1,674
Property Tax -$449
Property Insurance -$90
HOA -$45
Property Management Fees -$119
CASH FLOW
$13

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.

$482,000

PROJECTED PRICE

$2,390

PROJECTED RENT

0.50%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.48%
Appreciation Year (1-5) 0.9%
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$1.2M

PROJECTED ANNUAL CASH FLOW

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

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$133,480

INVESTMENT

$133,480

Down Payment
$120,500
Rehab Estimate
$5,750
Closing Costs
$7,230

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 45% down payment or higher enables the proceeds from the asset to cover all costs.

$1,674

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $120,500
Loan Amount $361,500
See What Happens When You Reinvest Cash Flow

5.58

YEARS SAVED

$29,453

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,390

    LIST RENT
  • $0.71

    LIST RENT PER SQFT
  • $2,386

    COMP ESTIMATED VALUE
  • $0.71

    COMP AVG. RENT PER SQFT
Comps Range
$2,000
1$2,0002$2,2003$2,3504$2,3905$2,395
$2,395
RENT COMPS ANALYSIS
  • 116 Crossbow Lane Mooresville, NC 4
    • 5 beds 3 baths ∙ 3,349 Sqft ∙ Built 2000 5 beds 3 baths ∙ 3,349 Sqft ∙ Built 2000
    • Rent
    • Rent Per SQFT
    •  
    • $2,390
    • $0.71
    •  
  • 129 Castleton Drive Mooresville, NC 1
    • 5 beds 4 baths ∙ 3,086 Sqft ∙ Built 1996 5 beds 4 baths ∙ 3,086 Sqft ∙ Built 1996
    LEASED 02/01/21
    • Rent
    • Rent Per SQFT
    •  
    • $2,000
    • $0.65
    •  
  • 103 Hayden Court Mooresville, NC 2
    • 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
    •  
  • 109 Grayfox Drive Mooresville, NC 3
    • 5 beds 3 baths ∙ 3,381 Sqft ∙ Built 2013 5 beds 3 baths ∙ 3,381 Sqft ∙ Built 2013
    LEASED 07/31/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,350
    • $0.70
    •  
  • 113 Flora Vista Drive Mooresville, NC 5
    • 5 beds 4 baths ∙ 3,307 Sqft ∙ Built 2015 5 beds 4 baths ∙ 3,307 Sqft ∙ Built 2015
    LEASED 08/25/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,395
    • $0.72
    •  
PROPERTY LISTING DETAILS
Gene Shelley
1.704.230.4074
Akm Property Management Llc
BESbswy