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124 Dry Rivers Lane #34 Mooresville, NC 28117

4 Beds 4 Baths 2,713 sqft Built 2020

$360,378

List Price

$2,340

$2.1K - $2.6K

Rent Est.

PROPERTY INFO

Built 2020 NEW CONSTRUCTION
December 05, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2020
  • Price/Sqft : $132.83
  • 2 Days on Market
  • MLS # : 3687359
  • Updated Date : 12/05/2020 at 11:31
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,713 sqft
  • Baths : 3 full , 1 half
Listing Agent

Lennar Sales Corp

Listing Agent's Description

Owner's suite on the main floor! Beautiful Inlet home just starting construction, perfect timing to move in next Spring 2021! The first floor features a flex room, large open living space, and the owner's suite. The Owner's suite has a spacious walk in closet and large bathroom with double vanity, walk in shower with tile walls and seat, linen closet, and private water closet. Second floor features a very large loft space plus three more bedrooms and two full bathrooms! Every bedroom has a walk in closet. Some other features include granite countertops in the kitchen and bathrooms, vinyl plank flooring throughout the main living space downstairs, fireplace in the living room, gas range and single bowl sink in the kitchen. Call to schedule your appointment to learn more!

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • 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)

PRICE & RENT TRENDS

Neighborhood: Village at Byers

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300k320k340k360kPrice in $118k362k

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

Neighborhood: Village at Byers

NeighborhoodNIR Market*CityMarket2010Year20002019 Q21000120014001600180020002200Rent in $8442350

* 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
 

$324,340$396,416$360,378

PURCHASE PRICE

$2,106$2,574$2,340

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,340
EXPENSES Loan Payment -$1,330
Property Tax -$150
Property Insurance -$78
HOA -$55
Property Management Fees -$119
CASH FLOW
$608

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.

$360,378

PROJECTED PRICE

$2,340

PROJECTED RENT

0.65%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.48%
Appreciation Year (1-5) 4.7%
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$1.4M

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$97,500

INVESTMENT

$97,500

Down Payment
$90,095
Rehab Estimate
$2,000
Closing Costs
$5,406

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,330

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $90,095
Loan Amount $270,284
See What Happens When You Reinvest Cash Flow

14.33

YEARS SAVED

$100,165

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,340

    LIST RENT
  • $0.86

    LIST RENT PER SQFT
  • $2,354

    COMP ESTIMATED VALUE
  • $0.87

    COMP AVG. RENT PER SQFT
Comps Range
$1,975
1$1,9752$2,2003$2,3404$2,4005$2,400
$2,400
RENT COMPS ANALYSIS
  • 124 Dry Rivers Lane Mooresville, NC 3
    • 4 beds 4 baths ∙ 2,713 Sqft ∙ Built 2020 4 beds 4 baths ∙ 2,713 Sqft ∙ Built 2020
    • Rent
    • Rent Per SQFT
    •  
    • $2,340
    • $0.86
    •  
  • 171 Rustling Waters Drive Mooresville, NC 1
    • 3 beds 3 baths ∙ 2,423 Sqft ∙ Built 2016 3 beds 3 baths ∙ 2,423 Sqft ∙ Built 2016
    LEASED 10/22/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,975
    • $0.82
    •  
  • 158 Blossom Ridge Drive Mooresville, NC 2
    • 5 beds 3 baths ∙ 2,813 Sqft ∙ Built 2012 5 beds 3 baths ∙ 2,813 Sqft ∙ Built 2012
    LEASED 01/22/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,200
    • $0.78
    •  
  • 109 Creekside Crossing Mooresville, NC 4
    • 5 beds 3 baths ∙ 2,641 Sqft ∙ Built 2017 5 beds 3 baths ∙ 2,641 Sqft ∙ Built 2017
    LEASED 01/06/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,400
    • $0.91
    •  
  • 109 Creekside Crossing Lane Mooresville, NC 5
    • 5 beds 3 baths ∙ 2,641 Sqft ∙ Built 2017 5 beds 3 baths ∙ 2,641 Sqft ∙ Built 2017
    LEASED 12/04/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,400
    • $0.91
    •  
PROPERTY LISTING DETAILS
Cannon Walker
1.704.995.7398
Lennar Sales Corp
BESbswy