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130 Sea Trail Drive Mooresville, NC 28117

4 Beds 4 Baths 2,688 sqft Built 2007

$393,000

List Price

$2,360

$2.1K - $2.6K

Rent Est.

PROPERTY INFO

January 01, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2007
  • Price/Sqft : $146.21
  • 5 Days on Market
  • MLS # : 3694341
  • Updated Date : 01/02/2021 at 15:41
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,688 sqft
  • Baths : 3 full , 1 half
Listing Agent

Keller Williams Lake Norman

Listing Agent's Description

Move in Ready with LOTS of recent updates! This two story home has a floor plan that buyers will love! Main floor master, with a separate sitting area. Open floor plan, including a sunroom with French doors and plenty of natural light. Convenient living with laundry on the main floor. Upstairs, you will find three spacious bedrooms and two full bathrooms. New granite countertop in master bath. Sellers have had the entire interior painted. New Blinds. New Carpet. Great location – close to shops, dining, 77 and the lake! No HOA!

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
 

$353,700$432,300$393,000

PURCHASE PRICE

$2,124$2,596$2,360

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,360
EXPENSES Loan Payment -$1,450
Property Tax -$164
Property Insurance -$78
Property Management Fees -$119
CASH FLOW
$550

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.

$393,000

PROJECTED PRICE

$2,360

PROJECTED RENT

0.60%

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) 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$1.0M$1.2M$1.4M$1.6M

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$109,895

INVESTMENT

$109,895

Down Payment
$98,250
Rehab Estimate
$5,750
Closing Costs
$5,895

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,450

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $98,250
Loan Amount $294,750
See What Happens When You Reinvest Cash Flow

12.92

YEARS SAVED

$94,450

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,360

    LIST RENT
  • $0.88

    LIST RENT PER SQFT
  • $2,446

    COMP ESTIMATED VALUE
  • $0.91

    COMP AVG. RENT PER SQFT
Comps Range
$1,975
1$1,9752$2,2003$2,3004$2,3605$2,400
$2,400
RENT COMPS ANALYSIS
  • 130 Sea Trail Drive Mooresville, NC 4
    • 4 beds 4 baths ∙ 2,688 Sqft ∙ Built 2007 4 beds 4 baths ∙ 2,688 Sqft ∙ Built 2007
    • Rent
    • Rent Per SQFT
    •  
    • $2,360
    • $0.88
    •  
  • 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
    •  
  • 190 Atwater Landing Drive Mooresville, NC 2
    • 5 beds 3 baths ∙ 2,446 Sqft ∙ Built 2020 5 beds 3 baths ∙ 2,446 Sqft ∙ Built 2020
    LEASED 06/26/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,200
    • $0.90
    •  
  • 687 Normandy Road Mooresville, NC 3
    • 3 beds 2 baths ∙ 2,400 Sqft ∙ Built 2005 3 beds 2 baths ∙ 2,400 Sqft ∙ Built 2005
    LEASED 08/15/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,300
    • $0.96
    •  
  • 109 Creekside Crossing Mooresville, NC 5
    • 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
    •  
PROPERTY LISTING DETAILS
Sean Herndon
1.704.437.6463
Keller Williams Lake Norman
BESbswy