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121 Gray Willow Street #359 Mooresville, NC 28117

3 Beds 3 Baths 2,207 sqft Built 2020

$328,440

List Price

$2,030

$1.8K - $2.2K

Rent Est.

PROPERTY INFO

Built 2020 NEW CONSTRUCTION
FACTS
  • Single Family
  • Built In 2020
  • Price/Sqft : $148.82
  • 81 Days on Market
  • MLS # : 3665987
  • Updated Date : 12/11/2020 at 15:17
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,207 sqft
  • Baths : 2 full , 1 half
Listing Agent

Dr Horton Inc

Listing Agent's Description

Lake Front Community. Lake Norman access via future canoe/paddleboard launch. This new construction home’s first floor features 9-foot ceilings, Revwood flooring, open floorplan, kitchen with gas stove/oven, microwave, granite countertops, walk-in pantry all opening to large family room with gas fireplace. Upstairs provides 2 secondary bedrooms, a nice loft area and a large owner’s suite with vaulted ceiling and over-sized walk-in closet. All this and within walking distance from an amazing planned amenities center and the shores of Lake Norman. LOT 359 ***Pictures are a representation only***

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

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
 

$295,596$361,284$328,440

PURCHASE PRICE

$1,827$2,233$2,030

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,030
EXPENSES Loan Payment -$1,212
Property Tax -$137
Property Insurance -$69
HOA -$63
Property Management Fees -$119
CASH FLOW
$431

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 9% of earned rent to cover both maintenance and periods of vacancy.

$328,440

PROJECTED PRICE

$2,030

PROJECTED RENT

0.62%

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) 3.00%
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$25k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$89,037

INVESTMENT

$89,037

Down Payment
$82,110
Rehab Estimate
$2,000
Closing Costs
$4,927

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 20% down payment or higher enables the proceeds from the asset to cover all costs.

$1,212

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $82,110
Loan Amount $246,330
See What Happens When You Reinvest Cash Flow

12.92

YEARS SAVED

$80,685

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,030

    LIST RENT
  • $0.92

    LIST RENT PER SQFT
  • $2,060

    COMP ESTIMATED VALUE
  • $0.93

    COMP AVG. RENT PER SQFT
Comps Range
$1,900
1$1,9002$2,0303$2,0504$2,140
$2,140
RENT COMPS ANALYSIS
  • 121 Gray Willow Street Mooresville, NC 2
    • 3 beds 3 baths ∙ 2,207 Sqft ∙ Built 2020 3 beds 3 baths ∙ 2,207 Sqft ∙ Built 2020
    • Rent
    • Rent Per SQFT
    •  
    • $2,030
    • $0.92
    •  
  • 104 Sea Trail Drive Mooresville, NC 1
    • 3 beds 2 baths ∙ 1,935 Sqft ∙ Built 2004 3 beds 2 baths ∙ 1,935 Sqft ∙ Built 2004
    LEASED 04/09/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,900
    • $0.98
    •  
  • 107 Chasewater Drive Mooresville, NC 3
    • 4 beds 3 baths ∙ 2,420 Sqft ∙ Built 2018 4 beds 3 baths ∙ 2,420 Sqft ∙ Built 2018
    LEASED 12/08/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,050
    • $0.85
    •  
  • 112 Longleaf Drive Mooresville, NC 4
    • 4 beds 3 baths ∙ 2,283 Sqft ∙ Built 2019 4 beds 3 baths ∙ 2,283 Sqft ∙ Built 2019
    LEASED 12/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,140
    • $0.94
    •  
PROPERTY LISTING DETAILS
Steven Johnson
1.804.658.9143
Dr Horton Inc
BESbswy