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143 Cherry Birch Street #351 Mooresville, NC 28117

3 Beds 2 Baths 1,902 sqft Built 2020

$323,990

List Price

$1,870

$1.7K - $2.1K

Rent Est.

PROPERTY INFO

Built 2020 NEW CONSTRUCTION
November 09, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2020
  • Price/Sqft : $170.34
  • 7 Days on Market
  • MLS # : 3680639
  • Updated Date : 11/09/2020 at 10:22
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,902 sqft
  • Baths : 2 full
Listing Agent

Dr Horton Inc

Listing Agent's Description

This new construction ranch home features 9-foot ceilings, Revwood laminate flooring throughout most living spaces. Kitchen with large sit-down island, granite countertops, stainless steel appliances and ceramic tile backsplash. Kitchen open to family room and dining area with gas fireplace. Breakfast area opens up to large covered back porch. All this and within walking distance from an amazing planned amenities center and the shores of Lake Norman. Lot #351 **Pictures are Representative**

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

Zip Code: 28117

ZipNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300k320k340k360k380k400k420kPrice in $118k427k

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

Zip Code: 28117

ZipNIR Market*CityMarket2010Year20002019 Q29001000110012001300140015001600170018001900Rent in $8441980

* 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
 

$291,591$356,389$323,990

PURCHASE PRICE

$1,683$2,057$1,870

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,870
EXPENSES Loan Payment -$1,195
Property Tax -$135
Property Insurance -$63
HOA -$63
Property Management Fees -$168
CASH FLOW
$246

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.

$323,990

PROJECTED PRICE

$1,870

PROJECTED RENT

0.58%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.48%
Appreciation Year (1-5) 5.1%
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$100k$200k$300k$400k$500k$600k$700k$800k$900k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$87,857

INVESTMENT

$87,857

Down Payment
$80,998
Rehab Estimate
$2,000
Closing Costs
$4,860

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 30% down payment or higher enables the proceeds from the asset to cover all costs.

$1,195

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $80,998
Loan Amount $242,993
See What Happens When You Reinvest Cash Flow

9.5

YEARS SAVED

$53,431

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,870

    LIST RENT
  • $0.98

    LIST RENT PER SQFT
  • $1,883

    COMP ESTIMATED VALUE
  • $0.99

    COMP AVG. RENT PER SQFT
Comps Range
$1,750
1$1,7502$1,8703$1,9004$1,900
$1,900
RENT COMPS ANALYSIS
  • 143 Cherry Birch Street Mooresville, NC 2
    • 3 beds 2 baths ∙ 1,902 Sqft ∙ Built 2020 3 beds 2 baths ∙ 1,902 Sqft ∙ Built 2020
    • Rent
    • Rent Per SQFT
    •  
    • $1,870
    • $0.98
    •  
  • 109 Gray Willow Street Mooresville, NC 1
    • 4 beds 3 baths ∙ 1,995 Sqft ∙ Built 4 beds 3 baths ∙ 1,995 Sqft ∙ Built
    LEASED 04/07/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,750
    • $0.88
    •  
  • 109 Rosebay Drive Mooresville, NC 3
    • 3 beds 2 baths ∙ 1,883 Sqft ∙ Built 2018 3 beds 2 baths ∙ 1,883 Sqft ∙ Built 2018
    LEASED 08/04/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,900
    • $1.01
    •  
  • 104 Sea Trail Drive Mooresville, NC 4
    • 3 beds 2 baths ∙ 1,935 Sqft ∙ Built 2004 3 beds 2 baths ∙ 1,935 Sqft ∙ Built 2004
    LEASED 04/09/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,900
    • $0.98
    •  
PROPERTY LISTING DETAILS
Steven Johnson
1.804.658.9143
Dr Horton Inc
BESbswy