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128 Dry Rivers Lane #36 Mooresville, NC 28117

4 Beds 4 Baths 2,791 sqft Built 2020

$371,229

List Price

$2,240

$2K - $2.5K

Rent Est.

PROPERTY INFO

Built 2020 NEW CONSTRUCTION
December 05, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2020
  • Price/Sqft : $133.01
  • 2 Days on Market
  • MLS # : 3687410
  • Updated Date : 12/05/2020 at 11:35
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,791 sqft
  • Baths : 3 full , 1 half
Listing Agent

Lennar Sales Corp

Listing Agent's Description

Very spacious home! Foyer entrance with a study with glass French doors. The kitchen has lots of counter and cabinet space including an island for additional seating, Butler's Pantry and walk in pantry. Open floorplan with dining area and living room. Cozy up by the living room fireplace! A nice back screened in porch is right off the living space as well. Upstairs there is a nice loft, three secondary bedrooms and two full bathrooms on the hall. The Owner's suite is very spacious with two walk in closets, double vanity, walk in shower with tile surround and seat and a linen closet. This home is just starting construction and will be complete in April! Call to schedule an appointment!

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
 

$334,106$408,352$371,229

PURCHASE PRICE

$2,016$2,464$2,240

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,240
EXPENSES Loan Payment -$1,370
Property Tax -$155
Property Insurance -$80
HOA -$55
Property Management Fees -$119
CASH FLOW
$462

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.

$371,229

PROJECTED PRICE

$2,240

PROJECTED RENT

0.60%

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$100,376

INVESTMENT

$100,376

Down Payment
$92,807
Rehab Estimate
$2,000
Closing Costs
$5,568

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,370

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $92,807
Loan Amount $278,422
See What Happens When You Reinvest Cash Flow

12.58

YEARS SAVED

$89,010

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,240

    LIST RENT
  • $0.8

    LIST RENT PER SQFT
  • $2,275

    COMP ESTIMATED VALUE
  • $0.82

    COMP AVG. RENT PER SQFT
Comps Range
$1,825
1$1,8252$2,2003$2,2404$2,4005$2,550
$2,550
RENT COMPS ANALYSIS
  • 128 Dry Rivers Lane Mooresville, NC 3
    • 4 beds 4 baths ∙ 2,791 Sqft ∙ Built 2020 4 beds 4 baths ∙ 2,791 Sqft ∙ Built 2020
    • Rent
    • Rent Per SQFT
    •  
    • $2,240
    • $0.80
    •  
  • 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
    •  
  • 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
    •  
  • 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