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126 Dry Rivers Lane #35 Mooresville, NC 28117

4 Beds 4 Baths 2,801 sqft Built 2020

$351,573

List Price

$2,200

$2K - $2.4K

Rent Est.

PROPERTY INFO

Built 2020 NEW CONSTRUCTION
November 07, 2020 RECENTLY ADDED
FACTS
  • Built In 2020
  • Price/Sqft : $125.52
  • 2 Days on Market
  • MLS # : 3680418
  • Updated Date : 11/07/2020 at 15:49
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,801 sqft
  • Baths : 3 full , 1 half
Listing Agent

Lennar Sales Corp

Listing Agent's Description

First floor owner's suite! This home is in framing and has an estimated completion of February 2021. The main floor features a flex room, large kitchen with walk in pantry and island for additional seating, dining area and large living room. The living room is bright and inviting with a gas fireplace! Down the hall is the laundry room and owner's suite with very large walk in closet, dual vanity and walk-in shower. Upstairs has a spacious loft, two bedrooms that share a double vanity hall bathroom, and third bedroom that has it's own private bathroom! All bedrooms have a walk in closet! Other features include vinyl plank flooring in the main living area downstairs, white cabinets throughout the kitchen and bathrooms, decorative glass front door, and more! Schedule your appointment and tour today!

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: 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
 

$316,416$386,730$351,573

PURCHASE PRICE

$1,980$2,420$2,200

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,200
EXPENSES Loan Payment -$1,297
Property Tax -$147
Property Insurance -$80
HOA -$55
Property Management Fees -$198
CASH FLOW
$424

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.

$351,573

PROJECTED PRICE

$2,200

PROJECTED RENT

0.63%

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

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$95,167

INVESTMENT

$95,167

Down Payment
$87,893
Rehab Estimate
$2,000
Closing Costs
$5,274

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 25% down payment or higher enables the proceeds from the asset to cover all costs.

$1,297

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $87,893
Loan Amount $263,680
See What Happens When You Reinvest Cash Flow

11.67

YEARS SAVED

$77,655

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,200

    LIST RENT
  • $0.79

    LIST RENT PER SQFT
  • $2,227

    COMP ESTIMATED VALUE
  • $0.8

    COMP AVG. RENT PER SQFT
Comps Range
$1,825
1$1,8252$2,2003$2,2004$2,4005$2,550
$2,550
RENT COMPS ANALYSIS
  • 126 Dry Rivers Lane Mooresville, NC 3
    • 4 beds 4 baths ∙ 2,801 Sqft ∙ Built 2020 4 beds 4 baths ∙ 2,801 Sqft ∙ Built 2020
    • Rent
    • Rent Per SQFT
    •  
    • $2,200
    • $0.79
    •  
  • 127 Trotter Ridge Drive Mooresville, NC 1
    • 5 beds 3 baths ∙ 2,529 Sqft ∙ Built 2002 5 beds 3 baths ∙ 2,529 Sqft ∙ Built 2002
    LEASED 05/19/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,825
    • $0.72
    •  
  • 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
    •  
  • 127 Cedar Woods Drive Mooresville, NC 4
    • 4 beds 4 baths ∙ 2,881 Sqft ∙ Built 2005 4 beds 4 baths ∙ 2,881 Sqft ∙ Built 2005
    LEASED 09/12/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,400
    • $0.83
    •  
  • 187 Blossom Ridge Drive Mooresville, NC 5
    • 5 beds 3 baths ∙ 2,969 Sqft ∙ Built 2014 5 beds 3 baths ∙ 2,969 Sqft ∙ Built 2014
    LEASED 09/18/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,550
    • $0.86
    •  
PROPERTY LISTING DETAILS
Cannon Walker
1.704.995.7398
Lennar Sales Corp
BESbswy