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142 Dry Rivers Lane #43 Mooresville, NC 28117

3 Beds 3 Baths 2,059 sqft Built 2020

$336,253

List Price

$1,770

$1.6K - $1.9K

Rent Est.

PROPERTY INFO

Built 2020 NEW CONSTRUCTION
December 05, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2020
  • Price/Sqft : $163.31
  • 2 Days on Market
  • MLS # : 3687405
  • Updated Date : 12/05/2020 at 11:36
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,059 sqft
  • Baths : 2 full , 1 half
Listing Agent

Lennar Sales Corp

Listing Agent's Description

Charming Elisha floorplan that will be complete April 2021. This floorplan features a grand two story foyer entrance! Downstairs is a flex room with glass French doors, wide open living space, cozy living room with a fireplace, dining area and a large kitchen. This kitchen has an abundance of cabinet and countertop space, centered island and walk in pantry. Upstairs you will have the owner's suite with a large bathroom that includes a walk in shower with tile walls and seat, double vanity, linen closet, and a large walk in closet! This home is just starting construction and is scheduled for an April completion. Call to learn more and to set 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
 

$302,628$369,878$336,253

PURCHASE PRICE

$1,593$1,947$1,770

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,770
EXPENSES Loan Payment -$1,241
Property Tax -$140
Property Insurance -$66
HOA -$55
Property Management Fees -$119
CASH FLOW
$149

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.

$336,253

PROJECTED PRICE

$1,770

PROJECTED RENT

0.53%

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

PROJECTED ANNUAL CASH FLOW

11530$0.0$5.0k$10k$15k$20k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$91,107

INVESTMENT

$91,107

Down Payment
$84,063
Rehab Estimate
$2,000
Closing Costs
$5,044

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 35% down payment or higher enables the proceeds from the asset to cover all costs.

$1,241

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $84,063
Loan Amount $252,190
See What Happens When You Reinvest Cash Flow

8.5

YEARS SAVED

$46,478

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,770

    LIST RENT
  • $0.86

    LIST RENT PER SQFT
  • $1,771

    COMP ESTIMATED VALUE
  • $0.86

    COMP AVG. RENT PER SQFT
Comps Range
$1,595
1$1,5952$1,6253$1,7004$1,7705$1,800
$1,800
RENT COMPS ANALYSIS
  • 142 Dry Rivers Lane Mooresville, NC 4
    • 3 beds 3 baths ∙ 2,059 Sqft ∙ Built 2020 3 beds 3 baths ∙ 2,059 Sqft ∙ Built 2020
    • Rent
    • Rent Per SQFT
    •  
    • $1,770
    • $0.86
    •  
  • 141 Water Oak Lane Mooresville, NC 1
    • 3 beds 3 baths ∙ 2,004 Sqft ∙ Built 2003 3 beds 3 baths ∙ 2,004 Sqft ∙ Built 2003
    LEASED 03/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,595
    • $0.80
    •  
  • 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
    •  
  • 115 W Morehouse Avenue Mooresville, NC 3
    • 3 beds 3 baths ∙ 1,860 Sqft ∙ Built 2008 3 beds 3 baths ∙ 1,860 Sqft ∙ Built 2008
    LEASED 03/06/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,700
    • $0.91
    •  
  • 148 Blossom Ridge Drive Mooresville, NC 5
    • 3 beds 2 baths ∙ 2,054 Sqft ∙ Built 2013 3 beds 2 baths ∙ 2,054 Sqft ∙ Built 2013
    LEASED 10/13/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,800
    • $0.88
    •  
PROPERTY LISTING DETAILS
Cannon Walker
1.704.995.7398
Lennar Sales Corp
BESbswy