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118 Waterlynn Club Drive Mooresville, NC 28117

3 Beds 3 Baths 1,960 sqft Built 2006

$295,000

List Price

$1,630

$1.5K - $1.8K

Rent Est.

PROPERTY INFO

FACTS
  • Single Family
  • Built In 2006
  • Price/Sqft : $150.51
  • 16 Days on Market
  • MLS # : 3693671
  • Updated Date : 01/08/2021 at 20:00
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,960 sqft
  • Baths : 2 full , 1 half
Listing Agent

Coldwell Banker Realty

Listing Agent's Description

Welcome to this beautiful and spacious 3 bedroom 2.5 bathroom home in Waterlynn in Mooresville! Lots of great natural light, gas fireplace in great room, and storage. Large, level backyard with fire pit & privacy fence make for great outdoor living space. Community pool and splash park are near by for community fun. Very convenient to Lowes Corporation; LKN Regional Medical Center, Interstate 77 & ALL amenities Mooresville has to offer!!!

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

Neighborhood: Waterlynn

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300kPrice in $118k318k

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

Neighborhood: Waterlynn

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2900100011001200130014001500160017001800Rent in $8441853

* 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
Coddle Creek Elementary School Primary Regular 504 29 5
Brawley Middle School Middle Regular 746 41 7
Lake Norman High School High Regular 1,865 88 8

Coddle Creek Elementary School

  • Education Level: Primary
  • # of students: 504
  • # of teachers: 29
5
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
 

$265,500$324,500$295,000

PURCHASE PRICE

$1,467$1,793$1,630

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,630
EXPENSES Loan Payment -$1,025
Property Tax -$275
Property Insurance -$64
HOA -$40
Property Management Fees -$119
CASH FLOW
$108

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.

$295,000

PROJECTED PRICE

$1,630

PROJECTED RENT

0.55%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.48%
Appreciation Year (1-5) 3.9%
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

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$83,925

INVESTMENT

$83,925

Down Payment
$73,750
Rehab Estimate
$5,750
Closing Costs
$4,425

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 40% down payment or higher enables the proceeds from the asset to cover all costs.

$1,025

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $73,750
Loan Amount $221,250
See What Happens When You Reinvest Cash Flow

7.42

YEARS SAVED

$27,278

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,630

    LIST RENT
  • $0.83

    LIST RENT PER SQFT
  • $1,627

    COMP ESTIMATED VALUE
  • $0.83

    COMP AVG. RENT PER SQFT
Comps Range
$1,375
1$1,3752$1,3953$1,5954$1,6305$1,645
$1,645
RENT COMPS ANALYSIS
  • 118 Waterlynn Club Drive Mooresville, NC 4
    • 3 beds 3 baths ∙ 1,960 Sqft ∙ Built 2006 3 beds 3 baths ∙ 1,960 Sqft ∙ Built 2006
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,630
    • $0.83
    •  
  • 106 Newbury Drive Mooresville, NC 1
    • 3 beds 3 baths ∙ 1,626 Sqft ∙ Built 2001 3 beds 3 baths ∙ 1,626 Sqft ∙ Built 2001
    property image
    LEASED 12/11/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,375
    • $0.85
    •  
  • 1322 Mecklenburg Highway Mooresville, NC 2
    • 3 beds 1 baths ∙ 1,740 Sqft ∙ Built 1954 3 beds 1 baths ∙ 1,740 Sqft ∙ Built 1954
    property image
    LEASED 10/09/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,395
    • $0.80
    •  
  • 114 Tulip Drive Mooresville, NC 3
    • 3 beds 3 baths ∙ 1,954 Sqft ∙ Built 2009 3 beds 3 baths ∙ 1,954 Sqft ∙ Built 2009
    property image
    LEASED 12/10/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,595
    • $0.82
    •  
  • 120 Tulip Drive Mooresville, NC 5
    • 3 beds 3 baths ∙ 1,940 Sqft ∙ Built 2009 3 beds 3 baths ∙ 1,940 Sqft ∙ Built 2009
    property image
    LEASED 10/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,645
    • $0.85
    •  
PROPERTY LISTING DETAILS
Candace Thompson
1.704.778.0779
Coldwell Banker Realty
BESbswy