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139 Tiller Way #Lot 22 Mooresville, NC 28115

4 Beds 3 Baths 2,565 sqft Built 2020

$364,000

List Price

$1,800

$1.6K - $2K

Rent Est.

PROPERTY INFO

Built 2020 NEW CONSTRUCTION
FACTS
  • Single Family
  • Built In 2020
  • Price/Sqft : $141.91
  • 12 Days on Market
  • MLS # : 3686570
  • Updated Date : 12/04/2020 at 09:14
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,565 sqft
  • Baths : 2 full , 1 half
Listing Agent

Eastwood Homes

Listing Agent's Description

Ask about move-in specials on this Wilmington plan! This two-story home has more than 2,500 square feet, four bedrooms, and 2.5 baths. Access the upstairs balcony from the master suite, which features a tiled, walk-in shower with bench seat and semi-frameless door. The kitchen has stone gray cabinets with crown molding, quartz counters, a white ceramic tile backsplash, and stainless appliances, including a gas range. Other upgrades include a study with French doors, tray ceilings in the dining room and master, a gas fireplace with slate surround, and oak tread stairs. beautiful and durable Enhanced Vinyl Plank flooring covers the main. Ask about Smart Home features INCLUDED in this home! Visit today and find out more about this wonderful community!

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

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
 

$327,600$400,400$364,000

PURCHASE PRICE

$1,620$1,980$1,800

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,800
EXPENSES Loan Payment -$1,343
Property Tax -$337
Property Insurance -$75
HOA -$40
Property Management Fees -$119
CASH FLOW
-$114

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.

$364,000

PROJECTED PRICE

$1,800

PROJECTED RENT

0.49%

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$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$98,460

INVESTMENT

$98,460

Down Payment
$91,000
Rehab Estimate
$2,000
Closing Costs
$5,460

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,343

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $91,000
Loan Amount $273,000
See What Happens When You Reinvest Cash Flow

3.5

YEARS SAVED

$13,313

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,800

    LIST RENT
  • $0.7

    LIST RENT PER SQFT
  • $1,776

    COMP ESTIMATED VALUE
  • $0.69

    COMP AVG. RENT PER SQFT
Comps Range
$1,550
1$1,5502$1,7953$1,7954$1,8005$1,825
$1,825
RENT COMPS ANALYSIS
  • 139 Tiller Way Mooresville, NC 4
    • 4 beds 3 baths ∙ 2,565 Sqft ∙ Built 2020 4 beds 3 baths ∙ 2,565 Sqft ∙ Built 2020
    • Rent
    • Rent Per SQFT
    •  
    • $1,800
    • $0.70
    •  
  • 231 Mott Road Mooresville, NC 1
    • 3 beds 3 baths ∙ 2,466 Sqft ∙ Built 2006 3 beds 3 baths ∙ 2,466 Sqft ∙ Built 2006
    LEASED 10/21/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,550
    • $0.63
    •  
  • 109 Tilton Drive Mooresville, NC 2
    • 4 beds 3 baths ∙ 2,559 Sqft ∙ Built 2006 4 beds 3 baths ∙ 2,559 Sqft ∙ Built 2006
    LEASED 07/09/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,795
    • $0.70
    •  
  • 682 Highland Ridge Road Mooresville, NC 3
    • 4 beds 3 baths ∙ 2,446 Sqft ∙ Built 1993 4 beds 3 baths ∙ 2,446 Sqft ∙ Built 1993
    LEASED 01/07/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,795
    • $0.73
    •  
  • 113 Louden Drive Mooresville, NC 5
    • 4 beds 3 baths ∙ 2,570 Sqft ∙ Built 2006 4 beds 3 baths ∙ 2,570 Sqft ∙ Built 2006
    LEASED 04/05/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,825
    • $0.71
    •  
PROPERTY LISTING DETAILS
Michael Conley
1.704.907.0699
Eastwood Homes
BESbswy