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228 Glenn Allen Road Mooresville, NC 28115

4 Beds 3 Baths 3,262 sqft Built 2007

$335,000

List Price

$1,880

$1.7K - $2.1K

Rent Est.

PROPERTY INFO

FACTS
  • Single Family
  • Built In 2007
  • Price/Sqft : $102.70
  • 26 Days on Market
  • MLS # : 3683390
  • Updated Date : 12/10/2020 at 00:05
CONSTRUCTION
  • Beds : 4
  • Floor Size : 3,262 sqft
  • Baths : 2 full , 1 half
Listing Agent

Lake Norman Realty, Inc.

Listing Agent's Description

This pre inspected, professionally cleaned, spacious SMART home sits on one of the largest lots in Curtis Pond and is across the street from the neighborhood’s amazing amenities! Located in the award winning MGSD, this home is a perfect family home w/ room for everyone. The main level features 2 gas fireplaces, a family room, dining room, sunroom, large kitchen with an island & gas appliances, & cozy den or breakfast nook. Upstairs features 4 huge bedrooms with high ceilings, newer carpets, convenient laundry room, & a marble tiled master BR w/ walk in shower, soaker tub, & large closet. Outside is very spacious w/ garden, entertainment deck and privacy fence. Updates include- freshly painted in 2019, bedroom carpets installed in 2016, SMART home controls lights and temperature through phone or Alexa, HVAC 2016 with 3 zoned heating and cooling system, water heater installed 2019, french drain system installed 2017, epoxy flooring in garage. 3D Tour Available!

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: Curtis Pond

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280kPrice in $113k288k

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

Neighborhood: Curtis Pond

NeighborhoodNIR Market*CityMarket2010Year20002019 Q290010001100120013001400150016001700Rent in $8421747

* 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
Rocky River Elementary School Primary Regular 637 40 7
Mooresville Intermediate School Middle Regular 745 42 5
Mooresville High School High Regular 1,787 78 8

Rocky River Elementary School

  • Education Level: Primary
  • # of students: 637
  • # of teachers: 40
7
GreatSchools Rating

Mooresville Intermediate School

  • Education Level: Middle
  • # of students: 745
  • # of teachers: 42
5
GreatSchools Rating

Mooresville High School

  • Education Level: High
  • # of students: 1,787
  • # of teachers: 78
8
GreatSchools Rating
 

$301,500$368,500$335,000

PURCHASE PRICE

$1,692$2,068$1,880

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,880
EXPENSES Loan Payment -$1,236
Property Tax -$333
Property Insurance -$89
Property Management Fees -$119
CASH FLOW
$104

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 15% of earned rent to cover both maintenance and periods of vacancy.

$335,000

PROJECTED PRICE

$1,880

PROJECTED RENT

0.56%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.98%
Appreciation Year (1-5) 6.1%
Maintenance Year (1-5) 8.00%
Vacancy 6.57%
Length of Stay Years 2

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$200k$400k$600k$800k$1.0M

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$94,525

INVESTMENT

$94,525

Down Payment
$83,750
Rehab Estimate
$5,750
Closing Costs
$5,025

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 45% down payment or higher enables the proceeds from the asset to cover all costs.

$1,236

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $83,750
Loan Amount $251,250
See What Happens When You Reinvest Cash Flow

6.58

YEARS SAVED

$30,628

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,880

    LIST RENT
  • $0.58

    LIST RENT PER SQFT
  • $1,884

    COMP ESTIMATED VALUE
  • $0.58

    COMP AVG. RENT PER SQFT
Comps Range
$1,695
1$1,6952$1,8453$1,8504$1,8805$1,899
$1,899
RENT COMPS ANALYSIS
  • 228 Glenn Allen Road Mooresville, NC 4
    • 4 beds 3 baths ∙ 3,262 Sqft ∙ Built 2007 4 beds 3 baths ∙ 3,262 Sqft ∙ Built 2007
    • Rent
    • Rent Per SQFT
    •  
    • $1,880
    • $0.58
    •  
  • 159 Gage Road Mooresville, NC 1
    • 4 beds 3 baths ∙ 3,216 Sqft ∙ Built 2010 4 beds 3 baths ∙ 3,216 Sqft ∙ Built 2010
    LEASED 06/19/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,695
    • $0.53
    •  
  • 163 Elba Drive Mooresville, NC 2
    • 4 beds 2 baths ∙ 3,235 Sqft ∙ Built 2005 4 beds 2 baths ∙ 3,235 Sqft ∙ Built 2005
    LEASED 08/06/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,845
    • $0.57
    •  
  • 134 Ashton Drive Mooresville, NC 3
    • 4 beds 3 baths ∙ 3,142 Sqft ∙ Built 2012 4 beds 3 baths ∙ 3,142 Sqft ∙ Built 2012
    LEASED 04/27/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,850
    • $0.59
    •  
  • 378 Almora Loop Mooresville, NC 5
    • 4 beds 3 baths ∙ 3,151 Sqft ∙ Built 2007 4 beds 3 baths ∙ 3,151 Sqft ∙ Built 2007
    LEASED 03/05/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,899
    • $0.60
    •  
PROPERTY LISTING DETAILS
Marty Wilcox
1.704.745.7176
Lake Norman Realty, Inc.
BESbswy