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135 Tiller Way #Lot 23 Mooresville, NC 28115

5 Beds 4 Baths 3,053 sqft Built 2020

$380,000

List Price

$2,020

$1.8K - $2.2K

Rent Est.

PROPERTY INFO

Built 2020 NEW CONSTRUCTION
November 13, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2020
  • Price/Sqft : $124.47
  • 3 Days on Market
  • MLS # : 3682042
  • Updated Date : 11/13/2020 at 13:32
CONSTRUCTION
  • Beds : 5
  • Floor Size : 3,053 sqft
  • Baths : 3 full , 1 half
Listing Agent

Eastwood Homes

Listing Agent's Description

Ask about move-in specials! This wonderful 3-story Drexel plan has 5 bedrooms, 3.5 baths, and more than 3,000 square feet. Everyone has space to work, rest or relax! The main floor features a study with French doors and a great room with a gas fireplace. The master and three secondary bedrooms are located on the second floor and the third floor has a huge bedroom and full bath. More than 450 square feet! The designer kitchen has white cabinets, granite counters, a white ceramic tile backsplash, and stainless appliances, including a gas cooktop and wall oven. Tray ceilings in the dining room and master add an elegant touch, and Enhanced Vinyl Plank flooring throughout the main is durable and beautiful. Ask about Smart Home features INCLUDED in this home! Visit today!

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: 28115

ZipNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280kPrice in $113k288k

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

Zip Code: 28115

ZipNIR Market*CityMarket2010Year20002019 Q29001000110012001300140015001600Rent in $8421614

* 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
South Elementary School Primary Regular 559 34 6
Mooresville Intermediate School Middle Regular 745 42 5
Mooresville High School High Regular 1,787 78 8

South Elementary School

  • Education Level: Primary
  • # of students: 559
  • # of teachers: 34
6
GreatSchools Rating

Mooresville Intermediate School

  • Education Level: Middle
  • # of students: 745
  • # of teachers: 42
5
GreatSchools Rating

Mooresville High School

  • Education Level: High
  • # of students: 1,787
  • # of teachers: 78
8
GreatSchools Rating
 

$342,000$418,000$380,000

PURCHASE PRICE

$1,818$2,222$2,020

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,020
EXPENSES Loan Payment -$1,402
Property Tax -$351
Property Insurance -$85
HOA -$40
Property Management Fees -$182
CASH FLOW
-$40

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 10% of earned rent to cover both maintenance and periods of vacancy.

$380,000

PROJECTED PRICE

$2,020

PROJECTED RENT

0.53%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.98%
Appreciation Year (1-5) 5.4%
Maintenance Year (1-5) 3.00%
Vacancy 6.57%
Length of Stay Years 2

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$200k$400k$600k$800k$1.0M

PROJECTED ANNUAL CASH FLOW

11530-$4.0k-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k

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$102,700

INVESTMENT

$102,700

Down Payment
$95,000
Rehab Estimate
$2,000
Closing Costs
$5,700

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 45% down payment or higher enables the proceeds from the asset to cover all costs.

$1,402

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $95,000
Loan Amount $285,000
See What Happens When You Reinvest Cash Flow

3.58

YEARS SAVED

$14,885

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,020

    LIST RENT
  • $0.66

    LIST RENT PER SQFT
  • $1,954

    COMP ESTIMATED VALUE
  • $0.64

    COMP AVG. RENT PER SQFT
Comps Range
$1,795
1$1,7952$1,8953$1,9604$2,0205$2,100
$2,100
RENT COMPS ANALYSIS
  • 135 Tiller Way Mooresville, NC 4
    • 5 beds 4 baths ∙ 3,053 Sqft ∙ Built 2020 5 beds 4 baths ∙ 3,053 Sqft ∙ Built 2020
    • Rent
    • Rent Per SQFT
    •  
    • $2,020
    • $0.66
    •  
  • 130 Rusty Nail Drive Mooresville, NC 1
    • 4 beds 3 baths ∙ 2,964 Sqft ∙ Built 2006 4 beds 3 baths ∙ 2,964 Sqft ∙ Built 2006
    LEASED 02/24/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,795
    • $0.61
    •  
  • 1045 Muirfield Drive Mooresville, NC 2
    • 4 beds 3 baths ∙ 3,117 Sqft ∙ Built 1999 4 beds 3 baths ∙ 3,117 Sqft ∙ Built 1999
    LEASED 12/26/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,895
    • $0.61
    •  
  • 148 Alexandria Drive Mooresville, NC 3
    • 4 beds 4 baths ∙ 2,914 Sqft ∙ Built 2016 4 beds 4 baths ∙ 2,914 Sqft ∙ Built 2016
    LEASED 03/10/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,960
    • $0.67
    •  
  • 106 E Americana Drive Mooresville, NC 5
    • 4 beds 3 baths ∙ 3,113 Sqft ∙ Built 2019 4 beds 3 baths ∙ 3,113 Sqft ∙ Built 2019
    LEASED 03/02/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,100
    • $0.67
    •  
PROPERTY LISTING DETAILS
Michael Conley
1.704.907.0699
Eastwood Homes
BESbswy