Work with a dedicated Real Estate Advisor who will take your financial preferences and help you select and acquire properties that fit your criteria. Learn more

218 Wood Duck Loop Mooresville, NC 28117

3 Beds 3 Baths 2,662 sqft Built 1990

$395,900

List Price

$2,190

$2K - $2.4K

Rent Est.

PROPERTY INFO

FACTS
  • Built In 1990
  • Price/Sqft : $148.72
  • 12 Days on Market
  • MLS # : 3675611
  • Updated Date : 10/23/2020 at 19:40
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,662 sqft
  • Baths : 2 full , 1 half
Listing Agent

Dazcon Properties

Listing Agent's Description

Located in a highly sought after neighborhood and school system, this large 3 bedroom 2.5 bath home is looking for new owners. Enjoy some quiet time on the covered front porch looking over your wooded lot with views of the lake across the street. The extra large kitchen is loaded with cabinets and counterspace. The breakfast area off the kitchen overlooks your private backyard. The family room has a wood burning fireplace for those chilly winter nights. Upstairs you will find three bedrooms and 2 full bathrooms, including a huge master suite. Downstairs is a large unfinished basement perfect for storage or whatever you may choose to do with it. It is accessible from both inside the home and through a door going directly outside. All this and NO HOA. The roof and the water heater are both less than 5 years old. Packed with potential and located in a great neighborhood, this home is a must see.

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

Zip Code: 28117

ZipNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300k320k340k360k380k400k420kPrice in $118k427k

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

Zip Code: 28117

ZipNIR Market*CityMarket2010Year20002019 Q29001000110012001300140015001600170018001900Rent in $8441980

* 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
Lake Norman Elementary School Primary Regular 495 28 8
Brawley Middle School Middle Regular 746 41 7
Lake Norman High School High Regular 1,865 88 8

Lake Norman Elementary School

  • Education Level: Primary
  • # of students: 495
  • # of teachers: 28
8
GreatSchools Rating

Brawley Middle School

  • Education Level: Middle
  • # of students: 746
  • # of teachers: 41
7
GreatSchools Rating

Lake Norman High School

  • Education Level: High
  • # of students: 1,865
  • # of teachers: 88
8
GreatSchools Rating
 

$356,310$435,490$395,900

PURCHASE PRICE

$1,971$2,409$2,190

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,190
EXPENSES Loan Payment -$1,461
Property Tax -$162
Property Insurance -$77
Property Management Fees -$197
CASH FLOW
$293

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.

$395,900

PROJECTED PRICE

$2,190

PROJECTED RENT

0.55%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

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
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

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$110,664

INVESTMENT

$110,664

Down Payment
$98,975
Rehab Estimate
$5,750
Closing Costs
$5,939

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,461

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $98,975
Loan Amount $296,925
See What Happens When You Reinvest Cash Flow

9.25

YEARS SAVED

$59,318

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,190

    LIST RENT
  • $0.82

    LIST RENT PER SQFT
  • $2,229

    COMP ESTIMATED VALUE
  • $0.84

    COMP AVG. RENT PER SQFT
Comps Range
$2,100
1$2,1002$2,1503$2,1904$2,1955$2,595
$2,595
RENT COMPS ANALYSIS
  • 218 Wood Duck Loop Mooresville, NC 3
    • 3 beds 3 baths ∙ 2,662 Sqft ∙ Built 1990 3 beds 3 baths ∙ 2,662 Sqft ∙ Built 1990
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $2,190
    • $0.82
    •  
  • 128 Farmstead Lane Mooresville, NC 1
    • 4 beds 3 baths ∙ 2,586 Sqft ∙ Built 2013 4 beds 3 baths ∙ 2,586 Sqft ∙ Built 2013
    property image
    LEASED 06/08/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,100
    • $0.81
    •  
  • 163 Turnberry Lane Mooresville, NC 2
    • 3 beds 2 baths ∙ 2,504 Sqft ∙ Built 1999 3 beds 2 baths ∙ 2,504 Sqft ∙ Built 1999
    property image
    LEASED 08/13/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,150
    • $0.86
    •  
  • 152 Wood Duck Loop Mooresville, NC 4
    • 4 beds 3 baths ∙ 2,740 Sqft ∙ Built 2002 4 beds 3 baths ∙ 2,740 Sqft ∙ Built 2002
    property image
    LEASED 04/16/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,195
    • $0.80
    •  
  • 166 Herons Gate Drive Mooresville, NC 5
    • 4 beds 4 baths ∙ 2,960 Sqft ∙ Built 2006 4 beds 4 baths ∙ 2,960 Sqft ∙ Built 2006
    property image
    LEASED 05/23/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,595
    • $0.88
    •  
PROPERTY LISTING DETAILS
Jack Thesier
1.704.658.8350
Dazcon Properties
BESbswy