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142 Trotter Ridge Drive #339 Mooresville, NC 28117

5 Beds 3 Baths 3,835 sqft Built 2004

$375,000

List Price

$2,250

$2K - $2.5K

Rent Est.

PROPERTY INFO

January 08, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2004
  • Price/Sqft : $97.78
  • 3 Days on Market
  • MLS # : 3696594
  • Updated Date : 01/08/2021 at 13:17
CONSTRUCTION
  • Beds : 5
  • Floor Size : 3,835 sqft
  • Baths : 3 full
Listing Agent

Realty One Group Select

Listing Agent's Description

3800+ SqFt and priced to sell in Morrison Plantation! Home features an open floor plan with tons of upgrades. Downstairs this open floor plan home includes a large guest suite, dining, and living room, as well as a spacious family room (w/ built in surround sound) and kitchen. Kitchen is open to family room and includes granite countertops as well as BRAND NEW DW and Refrigerator (fridge conveys). Step outside into your private back yard with huge 24’ x 47’ maintenance free deck with built-in seating. Upstairs includes 4 additional BR’s plus a huge bonus room with double French doors and built-in surround sound. The Master bedroom is huge with a raised sitting area and large master bath. Laundry room is equipped with gas cook top for canning. Walls and trim are freshly painted. Morrison Plantation is an active community with clubhouse, swimming, tennis, basketball, walking/nature trails, multiple playgrounds and is super convenient to EVERYTHING! Don’t miss this one!

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • 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)

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
 

$337,500$412,500$375,000

PURCHASE PRICE

$2,025$2,475$2,250

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,250
EXPENSES Loan Payment -$1,303
Property Tax -$401
Property Insurance -$99
HOA -$65
Property Management Fees -$119
CASH FLOW
$263

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.

$375,000

PROJECTED PRICE

$2,250

PROJECTED RENT

0.60%

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

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$105,125

INVESTMENT

$105,125

Down Payment
$93,750
Rehab Estimate
$5,750
Closing Costs
$5,625

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,303

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $93,750
Loan Amount $281,250
See What Happens When You Reinvest Cash Flow

9.08

YEARS SAVED

$46,110

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,250

    LIST RENT
  • $0.59

    LIST RENT PER SQFT
  • $2,311

    COMP ESTIMATED VALUE
  • $0.6

    COMP AVG. RENT PER SQFT
Comps Range
$2,100
1$2,1002$2,1503$2,2504$2,3955$2,450
$2,450
RENT COMPS ANALYSIS
  • 142 Trotter Ridge Drive Mooresville, NC 3
    • 5 beds 3 baths ∙ 3,835 Sqft ∙ Built 2004 5 beds 3 baths ∙ 3,835 Sqft ∙ Built 2004
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $2,250
    • $0.59
    •  
  • 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
    property image
    LEASED 05/16/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,100
    • $0.54
    •  
  • 217 Montibello Drive Mooresville, NC 2
    • 5 beds 4 baths ∙ 3,710 Sqft ∙ Built 2004 5 beds 4 baths ∙ 3,710 Sqft ∙ Built 2004
    property image
    LEASED 04/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,150
    • $0.58
    •  
  • 118 Pintail Run Lane Mooresville, NC 4
    • 5 beds 3 baths ∙ 3,653 Sqft ∙ Built 5 beds 3 baths ∙ 3,653 Sqft ∙ Built
    property image
    LEASED 02/25/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,395
    • $0.66
    •  
  • 146 Comata Road Mooresville, NC 5
    • 6 beds 4 baths ∙ 3,895 Sqft ∙ Built 1998 6 beds 4 baths ∙ 3,895 Sqft ∙ Built 1998
    property image
    LEASED 06/26/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,450
    • $0.63
    •  
PROPERTY LISTING DETAILS
Mark Gibson
1.704.607.3000
Realty One Group Select
BESbswy