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143 Suggs Mill Drive Mooresville, NC 28115

4 Beds 3 Baths 2,142 sqft Built 2018

$345,000

List Price

$1,620

$1.5K - $1.8K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
March 13, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2018
  • Price/Sqft : $161.06
  • 3 Days on Market
  • MLS # : 3717878
  • Updated Date : 03/13/2021 at 12:55
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,142 sqft
  • Baths : 3 full
Listing Agent

Northgroup Real Estate, Inc.

Listing Agent's Description

Welcome home! You will fall in love with this move-in ready 4bed/3bath home! Upgrades galore! From the light fixtures to the paint, to the woodwork, its all been upgraded and ready for you to simply move in! This open floor plan is sure to impress. Large kitchen w/granite countertops, under cabinet lighting, SS appliances, gas range, subway tile backsplash, new lighting fixtures and so much more that overlooks the living room and outside patio area w/fenced backyard. The 1st floor boasts an office area, a guest bedroom, a full bathroom, living room & open dining area w/plenty of room at the breakfast bar. The home features Luxury Vinyl Plank flooring, triple crown molding, a rear covered porch, gas fireplace, garden tub, tiled shower in the master bath and so much more! The master bedroom is upstairs and has beautiful ceilings and a large master bath, walk in closet & a linen closet. 2 other bedrooms are located upstairs & are an ample size with plenty of closet space. 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

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

 
Sorry, we do not have sufficient school data for this neighborhood.
 

$310,500$379,500$345,000

PURCHASE PRICE

$1,458$1,782$1,620

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,620
EXPENSES Loan Payment -$1,198
Property Tax -$321
Property Insurance -$68
HOA -$40
Property Management Fees -$119
CASH FLOW
-$126

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 15% of earned rent to cover both maintenance and periods of vacancy.

$345,000

PROJECTED PRICE

$1,620

PROJECTED RENT

0.47%

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) 8.00%
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

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$97,175

INVESTMENT

$97,175

Down Payment
$86,250
Rehab Estimate
$5,750
Closing Costs
$5,175

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 55% down payment or higher enables the proceeds from the asset to cover all costs.

$1,198

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $86,250
Loan Amount $258,750
See What Happens When You Reinvest Cash Flow

3.25

YEARS SAVED

$8,916

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,620

    LIST RENT
  • $0.76

    LIST RENT PER SQFT
  • $1,585

    COMP ESTIMATED VALUE
  • $0.74

    COMP AVG. RENT PER SQFT
Comps Range
$1,465
1$1,4652$1,5253$1,6004$1,6205$1,795
$1,795
RENT COMPS ANALYSIS
  • 143 Suggs Mill Drive Mooresville, NC 4
    • 4 beds 3 baths ∙ 2,142 Sqft ∙ Built 2018 4 beds 3 baths ∙ 2,142 Sqft ∙ Built 2018
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,620
    • $0.76
    •  
  • 103 Elgin Lane Mooresville, NC 1
    • 3 beds 3 baths ∙ 1,974 Sqft ∙ Built 2001 3 beds 3 baths ∙ 1,974 Sqft ∙ Built 2001
    property image
    LEASED 05/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,465
    • $0.74
    •  
  • 287 Mackwood Road Mooresville, NC 2
    • 4 beds 2 baths ∙ 2,016 Sqft ∙ Built 2002 4 beds 2 baths ∙ 2,016 Sqft ∙ Built 2002
    property image
    LEASED 09/13/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,525
    • $0.76
    •  
  • 118 Holly Ridge Drive Mooresville, NC 3
    • 3 beds 3 baths ∙ 2,200 Sqft ∙ Built 2019 3 beds 3 baths ∙ 2,200 Sqft ∙ Built 2019
    property image
    LEASED 02/18/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,600
    • $0.73
    •  
  • 682 Highland Ridge Road Mooresville, NC 5
    • 4 beds 3 baths ∙ 2,446 Sqft ∙ Built 1993 4 beds 3 baths ∙ 2,446 Sqft ∙ Built 1993
    property image
    LEASED 01/07/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,795
    • $0.73
    •  
PROPERTY LISTING DETAILS
Alycia Stewart
1.704.402.5627
Northgroup Real Estate, Inc.
1.866.250.5610
Carolina Multiple Listing Services ( Carolina)
MLS #: 3717878
Last Updated: 03/13/2021
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