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148 Foxtail Drive Mooresville, NC 28117

4 Beds 3 Baths 2,194 sqft Built 1998

$305,000

List Price

$1,830

$1.6K - $2K

Rent Est.

PROPERTY INFO

January 07, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1998
  • Price/Sqft : $139.02
  • 4 Days on Market
  • MLS # : 3696279
  • Updated Date : 01/08/2021 at 18:36
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,194 sqft
  • Baths : 2 full , 1 half
Listing Agent

Keller Williams South Park

Listing Agent's Description

Bring your boat and move right in! This beautiful 4 bedroom home is located in the waterfront community of Winslow Bay! It has a wonderful open floor plan with lots of natural light and fresh paint throughout! The owner's suite has a tray ceiling and the barn door leads into the nicely updated owner's bathroom- with double vanities and a large shower. All of the secondary rooms upstairs are spacious. The community has a community boat ramp & dock along with a boat trailer storage area. There is also a community pool, clubhouse, and tennis courts! Due to work/school from home schedules no showings until Saturday, January 9.

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: Winslow Bay

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300k320kPrice in $118k321k

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

Neighborhood: Winslow Bay

NeighborhoodNIR Market*CityMarket2010Year20002019 Q29001000110012001300140015001600170018001900Rent in $8441946

* 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
 

$274,500$335,500$305,000

PURCHASE PRICE

$1,647$2,013$1,830

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,830
EXPENSES Loan Payment -$1,059
Property Tax -$319
Property Insurance -$68
HOA -$54
Property Management Fees -$119
CASH FLOW
$210

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.

$305,000

PROJECTED PRICE

$1,830

PROJECTED RENT

0.60%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.48%
Appreciation Year (1-5) 8.3%
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

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$86,575

INVESTMENT

$86,575

Down Payment
$76,250
Rehab Estimate
$5,750
Closing Costs
$4,575

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,059

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $76,250
Loan Amount $228,750
See What Happens When You Reinvest Cash Flow

9.08

YEARS SAVED

$37,368

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,830

    LIST RENT
  • $0.83

    LIST RENT PER SQFT
  • $1,640

    COMP ESTIMATED VALUE
  • $0.75

    COMP AVG. RENT PER SQFT
Comps Range
$1,595
1$1,5952$1,6003$1,6254$1,6505$1,830
$1,830
RENT COMPS ANALYSIS
  • 148 Foxtail Drive Mooresville, NC 5
    • 4 beds 3 baths ∙ 2,194 Sqft ∙ Built 1998 4 beds 3 baths ∙ 2,194 Sqft ∙ Built 1998
    • Rent
    • Rent Per SQFT
    •  
    • $1,830
    • $0.83
    •  
  • 141 Water Oak Lane Mooresville, NC 1
    • 3 beds 3 baths ∙ 2,004 Sqft ∙ Built 2003 3 beds 3 baths ∙ 2,004 Sqft ∙ Built 2003
    LEASED 03/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,595
    • $0.80
    •  
  • 167 Walmsley Place Mooresville, NC 2
    • 4 beds 3 baths ∙ 2,237 Sqft ∙ Built 1997 4 beds 3 baths ∙ 2,237 Sqft ∙ Built 1997
    LEASED 04/20/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,600
    • $0.72
    •  
  • 107 S Audubon Avenue Mooresville, NC 3
    • 4 beds 3 baths ∙ 2,238 Sqft ∙ Built 2001 4 beds 3 baths ∙ 2,238 Sqft ∙ Built 2001
    LEASED 02/25/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,625
    • $0.73
    •  
  • 129 Autry Avenue Mooresville, NC 4
    • 4 beds 3 baths ∙ 2,238 Sqft ∙ Built 2001 4 beds 3 baths ∙ 2,238 Sqft ∙ Built 2001
    LEASED 02/11/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,650
    • $0.74
    •  
PROPERTY LISTING DETAILS
Lindsay Smith
1.203.231.6131
Keller Williams South Park
BESbswy