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137 Comata Road Mooresville, NC 28117

4 Beds 2 Baths 2,228 sqft Built 1997

$339,000

List Price

$1,740

$1.6K - $1.9K

Rent Est.

PROPERTY INFO

FACTS
  • Single Family
  • Built In 1997
  • Price/Sqft : $152.15
  • 25 Days on Market
  • MLS # : 3680421
  • Updated Date : 12/05/2020 at 12:52
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,228 sqft
  • Baths : 2 full
Listing Agent

Southern Homes Of The Carolinas

Listing Agent's Description

Highly desirable 4 bedroom ranch in Winslow Bay, a beautiful waterfront community, in the heart of Mooresville. This well maintained home on a cul de sac offers a bright open floor plan with beautiful hardwood floors in the living room, dining room, great room & hall. The updated kitchen has stainless appliances, granite counters and breakfast area. Great room features a cozy fireplace and sliding doors that open up to the backyard & covered patio. A large owners suite with walk in closet/custom closet organizer, renovated bath with tiled shower and garden tub. Down the hall you'll find 3 spacious bedrooms, an updated 2nd bath and laundry room with custom cabinets. The owners just installed a fantastic solar panel system, saving you money. This friendly neighborhood has walk to amenities that include a club house, pool, tennis court, recreation area, walking trails, boat ramp and boat/RV storage! Extremely close to shopping & restaurants. Don't miss out on this amazing property!

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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: Winslow Bay

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300k320kPrice in $118k321k

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

Neighborhood: Winslow Bay

NeighborhoodNIR Market*CityMarket2010Year20002019 Q29001000110012001300140015001600170018001900Rent in $8441946

* 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
 

$305,100$372,900$339,000

PURCHASE PRICE

$1,566$1,914$1,740

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,740
EXPENSES Loan Payment -$1,251
Property Tax -$316
Property Insurance -$69
HOA -$54
Property Management Fees -$119
CASH FLOW
-$69

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.

$339,000

PROJECTED PRICE

$1,740

PROJECTED RENT

0.51%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.48%
Appreciation Year (1-5) 8.3%
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

PROJECTED ANNUAL CASH FLOW

11530-$4.0k-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k$14k

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$95,585

INVESTMENT

$95,585

Down Payment
$84,750
Rehab Estimate
$5,750
Closing Costs
$5,085

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 50% down payment or higher enables the proceeds from the asset to cover all costs.

$1,251

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $84,750
Loan Amount $254,250
See What Happens When You Reinvest Cash Flow

4.5

YEARS SAVED

$18,157

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,740

    LIST RENT
  • $0.78

    LIST RENT PER SQFT
  • $1,799

    COMP ESTIMATED VALUE
  • $0.81

    COMP AVG. RENT PER SQFT
Comps Range
$1,600
1$1,6002$1,6253$1,7004$1,7005$1,740
$1,740
RENT COMPS ANALYSIS
  • 137 Comata Road Mooresville, NC 5
    • 4 beds 2 baths ∙ 2,228 Sqft ∙ Built 1997 4 beds 2 baths ∙ 2,228 Sqft ∙ Built 1997
    • Rent
    • Rent Per SQFT
    •  
    • $1,740
    • $0.78
    •  
  • 167 Walmsley Place Mooresville, NC 1
    • 4 beds 3 baths ∙ 2,237 Sqft ∙ Built 1997 4 beds 3 baths ∙ 2,237 Sqft ∙ Built 1997
    LEASED 04/20/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,600
    • $0.72
    •  
  • 180 Gresham Lane Mooresville, NC 2
    • 3 beds 3 baths ∙ 1,909 Sqft ∙ Built 2006 3 beds 3 baths ∙ 1,909 Sqft ∙ Built 2006
    LEASED 02/22/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,625
    • $0.85
    •  
  • 172 Foxtail Drive Mooresville, NC 3
    • 4 beds 3 baths ∙ 2,179 Sqft ∙ Built 1997 4 beds 3 baths ∙ 2,179 Sqft ∙ Built 1997
    LEASED 10/03/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,700
    • $0.78
    •  
  • 141 Walmsley Place Mooresville, NC 4
    • 3 beds 2 baths ∙ 1,940 Sqft ∙ Built 1997 3 beds 2 baths ∙ 1,940 Sqft ∙ Built 1997
    LEASED 07/07/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,700
    • $0.88
    •  
PROPERTY LISTING DETAILS
Rachel Payton
1.704.838.6117
Southern Homes Of The Carolinas
BESbswy