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PROPERTY INFO
FACTS
- Single Family
- Built In 2001
- Price/Sqft : $130.75
- 3 Days on Market
- MLS # : 3691969
- Updated Date : 12/19/2020 at 16:39
CONSTRUCTION
- Beds : 4
- Floor Size : 2,260 sqft
- Baths : 2 full , 1 half
Listing Agent
Lake Norman Realty Inc
Listing Agent's Description
2-story home in the Lochmere community off Brawley School Rd with a very convenient location! Walk to Lake Norman Elementary, and minutes to dining and shopping. Main level Foyer leads to the Office/Living Room and Formal Dining Room. Open Kitchen has Breakfast area and Pantry. Great Room has a gas log fireplace and doors that lead to the lovely wooded backyard. Upper level has 4 Bedrooms and 2 Full Bathrooms including the Owner's Suite with sitting area, garden tub, separate shower, dual sink vanity and a large walk-in closet. Kick back and relax on the Screen Porch and enjoy a wooded .31 of an acre lot with fenced yard, pond with new liner and stone walkway, raised garden area and a fire pit!
SEE MORE
- 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: Lochmere
* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR
Neighborhood: Lochmere
* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR
SCHOOLS
FINANCIALS
PROJECTED BASIC MONTHLY INCOME STATEMENT
| INCOME | Rent | $1,780 |
| EXPENSES | Loan Payment | -$1,090 |
| Property Tax | -$288 | |
| Property Insurance | -$70 | |
| HOA | -$36 | |
| Property Management Fees | -$119 | |
|
CASH FLOW
$177
|
||
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.
$295,500
PROJECTED PRICE
$1,780
PROJECTED RENT
0.60%
PROJECTED RENT / PRICE RATIO
| Expense Inflation | 2.50% |
| Rental Growth Year (1-5) | 3.48% |
| Appreciation Year (1-5) | 5.1% |
| Maintenance Year (1-5) | 8.00% |
| Vacancy | 6.31% |
| Length of Stay Years | 2 |
PROJECTED ACCUMULATED WEALTH
30 YEAR PROJECTION
- Cash Flow
- Appreciation
- Principal
PROJECTED ANNUAL CASH FLOW
PROJECTED PROPERTY VALUE
30 YEAR PROJECTION
- Appreciation
- Principal
- Loan Balance
TOTAL CASH OUT OF POCKET
INVESTMENT
$84,058
LOAN DETAILS
$1,090
MONTHLY LOAN PAYMENT
| Term | 30 Years |
| Interest | 4.25% |
| Down Payment | $73,875 |
| Loan Amount | $221,625 |
8.67
YEARS SAVED
$40,449
INTEREST SAVED
CASH FLOW REINVESTMENT
The time & interest saved by applying each month's positive cash flow towards loan principal pay down.
-
$1,780
LIST RENT -
$0.79
LIST RENT PER SQFT
-
$1,774
COMP ESTIMATED VALUE -
$0.78
COMP AVG. RENT PER SQFT
Comps Range
-
143 Vance Crescent Drive Mooresville, NC 4
- 4 beds 3 baths ∙ 2,260 Sqft ∙ Built 2001 4 beds 3 baths ∙ 2,260 Sqft ∙ Built 2001
- Rent
- Rent Per SQFT
- $1,780
- $0.79
-
117 Trotter Ridge Drive Mooresville, NC 1
- 4 beds 3 baths ∙ 2,270 Sqft ∙ Built 2003 4 beds 3 baths ∙ 2,270 Sqft ∙ Built 2003
LEASED 01/08/20- Rent
- Rent Per SQFT
- $1,675
- $0.74
-
108 Spring Grove Drive Mooresville, NC 2
- 4 beds 3 baths ∙ 2,337 Sqft ∙ Built 1999 4 beds 3 baths ∙ 2,337 Sqft ∙ Built 1999
LEASED 08/02/20- Rent
- Rent Per SQFT
- $1,695
- $0.73
-
107 Vance Crescent Drive Mooresville, NC 3
- 4 beds 3 baths ∙ 2,273 Sqft ∙ Built 2002 4 beds 3 baths ∙ 2,273 Sqft ∙ Built 2002
LEASED 08/24/20- Rent
- Rent Per SQFT
- $1,700
- $0.75
-
125 Brawley Point Circle Mooresville, NC 5
- 3 beds 3 baths ∙ 2,291 Sqft ∙ Built 2014 3 beds 3 baths ∙ 2,291 Sqft ∙ Built 2014
LEASED 11/04/20- Rent
- Rent Per SQFT
- $2,100
- $0.92
PROPERTY LISTING DETAILS
1.704.533.0444
Lake Norman Realty Inc
