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149 Blossom Ridge Drive Mooresville, NC 28117

5 Beds 3 Baths 3,537 sqft Built 2014

$365,000

List Price

$2,540

$2.3K - $2.8K

Rent Est.

PROPERTY INFO

December 30, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2014
  • Price/Sqft : $103.19
  • 6 Days on Market
  • MLS # : 3694345
  • Updated Date : 12/30/2020 at 10:29
CONSTRUCTION
  • Beds : 5
  • Floor Size : 3,537 sqft
  • Baths : 3 full
Listing Agent

Keller Williams Fort Mill

Listing Agent's Description

Beautiful 5 bedroom, 3 full bath home located in the highly sought after Iredell-Statesville school district. Downstairs you will find the dining room, a bedroom, full bath, drop zone and the open, eat-in kitchen and family room. SS appliances, granite, backsplash and walk in pantry! Just outside the over sized glass doors you will find a fenced backyard with paver patio, pergola and fireplace. Brand new carpet on the second and third floors! Upstairs you have 3 secondary bedrooms with walk in closets, full split bath, laundry room and large loft. The master suite offers his and hers walk in closets, dual vanities, water closet and a separate shower and garden tub! Wonderful extra space on the third floor for a movie room, play room or office. Walkable community offers social events for the whole family with community pool and playground. Close to shopping, dining and transportation. You will love living here!

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

Neighborhood: Village at Byers

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300k320k340k360kPrice in $118k362k

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

Neighborhood: Village at Byers

NeighborhoodNIR Market*CityMarket2010Year20002019 Q21000120014001600180020002200Rent in $8442350

* 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

$2,286$2,794$2,540

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,540
EXPENSES Loan Payment -$1,347
Property Tax -$386
Property Insurance -$94
HOA -$27
Property Management Fees -$119
CASH FLOW
$567

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

$2,540

PROJECTED RENT

0.70%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.48%
Appreciation Year (1-5) 4.7%
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$1.4M

PROJECTED ANNUAL CASH FLOW

11530$0.0$5.0k$10k$15k$20k$25k$30k

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$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 25% down payment or higher enables the proceeds from the asset to cover all costs.

$1,347

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $91,250
Loan Amount $273,750
See What Happens When You Reinvest Cash Flow

13.17

YEARS SAVED

$88,831

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,540

    LIST RENT
  • $0.72

    LIST RENT PER SQFT
  • $2,529

    COMP ESTIMATED VALUE
  • $0.71

    COMP AVG. RENT PER SQFT
Comps Range
$2,395
1$2,3952$2,3953$2,4504$2,5405$2,650
$2,650
RENT COMPS ANALYSIS
  • 149 Blossom Ridge Drive Mooresville, NC 4
    • 5 beds 3 baths ∙ 3,537 Sqft ∙ Built 2014 5 beds 3 baths ∙ 3,537 Sqft ∙ Built 2014
    • Rent
    • Rent Per SQFT
    •  
    • $2,540
    • $0.72
    •  
  • 121 Coronilla Road Mooresville, NC 1
    • 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
    •  
  • 113 Flora Vista Drive Mooresville, NC 2
    • 5 beds 4 baths ∙ 3,307 Sqft ∙ Built 2015 5 beds 4 baths ∙ 3,307 Sqft ∙ Built 2015
    LEASED 08/25/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,395
    • $0.72
    •  
  • 203 Blossom Ridge Drive Mooresville, NC 3
    • 5 beds 3 baths ∙ 3,547 Sqft ∙ Built 2015 5 beds 3 baths ∙ 3,547 Sqft ∙ Built 2015
    LEASED 06/22/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,450
    • $0.69
    •  
  • 173 Rainberry Drive Mooresville, NC 5
    • 5 beds 4 baths ∙ 3,495 Sqft ∙ Built 2012 5 beds 4 baths ∙ 3,495 Sqft ∙ Built 2012
    LEASED 07/10/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,650
    • $0.76
    •  
PROPERTY LISTING DETAILS
Mikael Mcdaniel
1.803.493.8759
Keller Williams Fort Mill
BESbswy