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144 Water Oak Drive Mooresville, NC 28117

3 Beds 3 Baths 3,204 sqft Built 2004

$365,000

List Price

$2,140

$1.9K - $2.4K

Rent Est.

PROPERTY INFO

FACTS
  • Single Family
  • Built In 2004
  • Price/Sqft : $113.92
  • 19 Days on Market
  • MLS # : 3699379
  • Updated Date : 02/06/2021 at 22:36
CONSTRUCTION
  • Beds : 3
  • Floor Size : 3,204 sqft
  • Baths : 2 full , 1 half
Listing Agent

Nexthome World Class

Listing Agent's Description

One of the greatest things about this home is the 3 covered porch areas to enjoy. In this beautiful Charleston style home, you will find a large kitchen with plenty of cabinetry and counter space. There is a large island where friends and family can gather. There are additional areas that can be used for a home office or quant reading area. The foyer area has an open staircase that leads to a master bedroom with 2 large walk-in closets and a large bathroom. Upstairs you will also find 3 more bedrooms and a full bath with a laundry room conveniently located at the end of the hall. This well-designed floor plan allows for both privacy and entertaining. There is also a large detached 2 car garage with plenty of over the head storage. If you are in the market for a space that will create long-lasting memories for your family and friends, I feel like your search might be over. In today’s market this home will not be here long, so don't miss your chance to make this your "dream home".

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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: Water Oak at Lake Norman

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300kPrice in $118k318k

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

Neighborhood: Water Oak at Lake Norman

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2900100011001200130014001500160017001800Rent in $8441809

* 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
 

$328,500$401,500$365,000

PURCHASE PRICE

$1,926$2,354$2,140

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,140
EXPENSES Loan Payment -$1,268
Property Tax -$349
Property Insurance -$87
HOA -$51
Property Management Fees -$119
CASH FLOW
$265

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.

$365,000

PROJECTED PRICE

$2,140

PROJECTED RENT

0.59%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.48%
Appreciation Year (1-5) 3.9%
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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$102,475

INVESTMENT

$102,475

Down Payment
$91,250
Rehab Estimate
$5,750
Closing Costs
$5,475

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,268

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $91,250
Loan Amount $273,750
See What Happens When You Reinvest Cash Flow

9.33

YEARS SAVED

$46,673

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,140

    LIST RENT
  • $0.67

    LIST RENT PER SQFT
  • $2,307

    COMP ESTIMATED VALUE
  • $0.72

    COMP AVG. RENT PER SQFT
Comps Range
$2,140
1$2,1402$2,2003$2,395
$2,395
RENT COMPS ANALYSIS
  • 144 Water Oak Drive Mooresville, NC 1
    • 3 beds 3 baths ∙ 3,204 Sqft ∙ Built 2004 3 beds 3 baths ∙ 3,204 Sqft ∙ Built 2004
    • Rent
    • Rent Per SQFT
    •  
    • $2,140
    • $0.67
    •  
  • 103 Hayden Court Mooresville, NC 2
    • 4 beds 3 baths ∙ 3,022 Sqft ∙ Built 1999 4 beds 3 baths ∙ 3,022 Sqft ∙ Built 1999
    LEASED 11/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,200
    • $0.73
    •  
  • 121 Coronilla Road Mooresville, NC 3
    • 4 beds 3 baths ∙ 3,368 Sqft ∙ Built 1998 4 beds 3 baths ∙ 3,368 Sqft ∙ Built 1998
    LEASED 06/16/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,395
    • $0.71
    •  
PROPERTY LISTING DETAILS
Rick Carney
1.704.682.1847
Nexthome World Class
BESbswy