Work with a dedicated Real Estate Advisor who will take your financial preferences and help you select and acquire properties that fit your criteria. Learn more

142 Trotter Ridge Drive Mooresville, NC 28117

5 Beds 3 Baths 3,835 sqft Built 2004

$389,900

List Price

$2,120

$1.9K - $2.3K

Rent Est.

PROPERTY INFO

November 14, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2004
  • Price/Sqft : $101.67
  • 2 Days on Market
  • MLS # : 3682471
  • Updated Date : 11/14/2020 at 12:42
CONSTRUCTION
  • Beds : 5
  • Floor Size : 3,835 sqft
  • Baths : 3 full
Listing Agent

Allen Tate Mooresville/lake Norman

Listing Agent's Description

At nearly 4000 square feet, you will have room for everyone! Conveniently located in a highly desirable swim/tennis neighborhood close to shopping, dining, fitness centers, and the interstate, this wonderful home was built for entertaining! It features a chef's kitchen with granite counters, updated SS appliances, and a center island plus a scullery with gas cooktop. Beautiful arched openings frame an open floor plan. The great room with gas fireplace and surround sound overlooks a private yard with arguably the largest maintenance free deck in all of Mooresville and offers built in seating! The main level includes a large guest room with walk in closet adjacent to an upgraded full bath with walk in shower. An ensuite master boasts a sitting area, 2 large walk in closets, dual sinks, garden tub, and separate shower. Additionally, you will find 3 spacious bedrooms plus a bonus room also equipped with surround sound. Original owners invite you to call this one home today! Will not last!

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

Neighborhood: Morrison Plantation

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300kPrice in $118k318k

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

Neighborhood: Morrison Plantation

NeighborhoodNIR Market*CityMarket2010Year20002019 Q290010001100120013001400150016001700180019002000Rent in $8442074

* 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
Lake Norman Elementary School Primary Regular 495 28 8
Brawley Middle School Middle Regular 746 41 7
Lake Norman High School High Regular 1,865 88 8

Lake Norman Elementary School

  • Education Level: Primary
  • # of students: 495
  • # of teachers: 28
8
GreatSchools Rating

Brawley Middle School

  • Education Level: Middle
  • # of students: 746
  • # of teachers: 41
7
GreatSchools Rating

Lake Norman High School

  • Education Level: High
  • # of students: 1,865
  • # of teachers: 88
8
GreatSchools Rating
 

$350,910$428,890$389,900

PURCHASE PRICE

$1,908$2,332$2,120

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,120
EXPENSES Loan Payment -$1,439
Property Tax -$401
Property Insurance -$99
Property Management Fees -$191
CASH FLOW
-$10

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.

$389,900

PROJECTED PRICE

$2,120

PROJECTED RENT

0.54%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.48%
Appreciation Year (1-5) 5.6%
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-$5.0k$0.0$5.0k$10k$15k

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$109,074

INVESTMENT

$109,074

Down Payment
$97,475
Rehab Estimate
$5,750
Closing Costs
$5,849

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,439

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $97,475
Loan Amount $292,425
See What Happens When You Reinvest Cash Flow

4.5

YEARS SAVED

$21,059

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,120

    LIST RENT
  • $0.55

    LIST RENT PER SQFT
  • $2,339

    COMP ESTIMATED VALUE
  • $0.61

    COMP AVG. RENT PER SQFT
Comps Range
$2,100
1$2,1002$2,1203$2,1504$2,4505$2,450
$2,450
RENT COMPS ANALYSIS
  • 142 Trotter Ridge Drive Mooresville, NC 2
    • 5 beds 3 baths ∙ 3,835 Sqft ∙ Built 2004 5 beds 3 baths ∙ 3,835 Sqft ∙ Built 2004
    • Rent
    • Rent Per SQFT
    •  
    • $2,120
    • $0.55
    •  
  • 156 Trotter Ridge Drive Mooresville, NC 1
    • 5 beds 3 baths ∙ 3,912 Sqft ∙ Built 2002 5 beds 3 baths ∙ 3,912 Sqft ∙ Built 2002
    LEASED 05/16/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,100
    • $0.54
    •  
  • 217 Montibello Drive Mooresville, NC 3
    • 5 beds 4 baths ∙ 3,710 Sqft ∙ Built 2004 5 beds 4 baths ∙ 3,710 Sqft ∙ Built 2004
    LEASED 04/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,150
    • $0.58
    •  
  • 203 Blossom Ridge Drive Mooresville, NC 4
    • 5 beds 3 baths ∙ 3,547 Sqft ∙ Built 2015 5 beds 3 baths ∙ 3,547 Sqft ∙ Built 2015
    LEASED 06/22/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,450
    • $0.69
    •  
  • 146 Comata Road Mooresville, NC 5
    • 6 beds 4 baths ∙ 3,895 Sqft ∙ Built 1998 6 beds 4 baths ∙ 3,895 Sqft ∙ Built 1998
    LEASED 06/26/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,450
    • $0.63
    •  
PROPERTY LISTING DETAILS
Allyson Burns
1.704.928.6108
Allen Tate Mooresville/lake Norman
BESbswy