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116 Eagles Landing Drive Mooresville, NC 28117

3 Beds 3 Baths 2,382 sqft Built 2016

$440,000

List Price

$2,080

$1.9K - $2.3K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
FACTS
  • Single Family
  • Built In 2016
  • Price/Sqft : $184.72
  • 10 Days on Market
  • MLS # : 3708222
  • Updated Date : 02/19/2021 at 00:06
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,382 sqft
  • Baths : 2 full , 1 half
Listing Agent

Keller Williams Mooresville

Listing Agent's Description

Welcome to Trillium a highly desired water view community in the Lake Norman Area! Set a new standard of living when you move into this beautiful home boasting fabulous crown molding finishes gleaming wood flooring, 3 bedroom and 2/1 baths, Dining currently used as office with butler’s pantry, Chef’s island style kitchen with Breakfast Bar, Gas Cooktop, Granite, SS appliance and fancy backsplash, open Living area with gas logs plus Breakfast with built-in Desk area. The Master suite is amazing with large master bath featuring double vanity with bench, large tile shower with seating and enormous walk-in! Enjoy your time outdoors out in the backyard with stone paver patio and wrought iron fencing. This home will NOT disappoint! Exterior recently painted November 2020. Don’t Miss it!

SEE MORE

MARKET HIGHLIGHTS

  • 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

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
Lakeshore Elementary School Primary Regular 632 40 5
Lakeshore Middle School Middle Regular 514 29 7
Lake Norman High School High Regular 1,865 88 8

Lakeshore Elementary School

  • Education Level: Primary
  • # of students: 632
  • # of teachers: 40
5
GreatSchools Rating

Lakeshore Middle School

  • Education Level: Middle
  • # of students: 514
  • # of teachers: 29
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

$1,872$2,288$2,080

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,080
EXPENSES Loan Payment -$1,528
Property Tax -$410
Property Insurance -$72
HOA -$54
Property Management Fees -$119
CASH FLOW
-$103

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

$2,080

PROJECTED RENT

0.47%

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

PROJECTED ANNUAL CASH FLOW

11530-$5.0k$0.0$5.0k$10k$15k

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 50% 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

4.25

YEARS SAVED

$17,731

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,080

    LIST RENT
  • $0.87

    LIST RENT PER SQFT
  • $2,090

    COMP ESTIMATED VALUE
  • $0.88

    COMP AVG. RENT PER SQFT
Comps Range
$1,800
1$1,8002$1,8653$1,9504$2,0805$2,400
$2,400
RENT COMPS ANALYSIS
  • 116 Eagles Landing Drive Mooresville, NC 4
    • 3 beds 3 baths ∙ 2,382 Sqft ∙ Built 2016 3 beds 3 baths ∙ 2,382 Sqft ∙ Built 2016
    • Rent
    • Rent Per SQFT
    •  
    • $2,080
    • $0.87
    •  
  • 148 Blossom Ridge Drive Mooresville, NC 1
    • 3 beds 2 baths ∙ 2,054 Sqft ∙ Built 2013 3 beds 2 baths ∙ 2,054 Sqft ∙ Built 2013
    LEASED 10/13/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,800
    • $0.88
    •  
  • 156 Blossom Ridge Drive Mooresville, NC 2
    • 3 beds 3 baths ∙ 2,328 Sqft ∙ Built 2012 3 beds 3 baths ∙ 2,328 Sqft ∙ Built 2012
    LEASED 05/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,865
    • $0.80
    •  
  • 105 Wendover Trace S Mooresville, NC 3
    • 4 beds 3 baths ∙ 2,365 Sqft ∙ Built 2003 4 beds 3 baths ∙ 2,365 Sqft ∙ Built 2003
    LEASED 11/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,950
    • $0.82
    •  
  • 111 Lynnbrook Lane Mooresville, NC 5
    • 3 beds 2 baths ∙ 2,380 Sqft ∙ Built 1970 3 beds 2 baths ∙ 2,380 Sqft ∙ Built 1970
    LEASED 07/24/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,400
    • $1.01
    •  
PROPERTY LISTING DETAILS
Bruce Juengst
1.980.721.7681
Keller Williams Mooresville
1.866.250.5610
Carolina Multiple Listing Services ( Carolina)
MLS #: 3708222
Last Updated: 02/19/2021
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