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276 Bridges Farm Road Mooresville, NC 28115

3 Beds 4 Baths 1,884 sqft Built 2007

$339,900

List Price

$1,820

$1.6K - $2K

Rent Est.

PROPERTY INFO

February 04, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2007
  • Price/Sqft : $180.41
  • 4 Days on Market
  • MLS # : 3703777
  • Updated Date : 02/04/2021 at 17:19
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,884 sqft
  • Baths : 3 full , 1 half
Listing Agent

Tsg Residential

Listing Agent's Description

Lake living at its finest in a well maintained Charleston style Saussy Burbank home in the great Lake Davidson waterfront neighborhood of Davidson Pointe. Enjoy living in this beautiful home with lake access, walking trails, picnic areas, outdoor saltwater pool & cabana, kayak/canoe racks & a dock with boat slips (slips can be purchased if available). This home has an open floor plan, large living/family room with gas FP, dining area & kitchen with granite countertops, tile backsplash, all stainless steel appliances new in 2019, hardwoods throughout the first floor. Carpeted 2nd floor has a large owners' suite, with walk-in closet & a second bedroom & a full bath. On the carpeted third floor there is a bedroom/home office with a full bath & access to a spacious walk-in attic. The entire exterior of the home was painted in 2019 & the HWH was replaced in 2017. When you visit, be sure to continue down Bridges Farm Rd to the lake front and see the wonderful neighborhood amenities.

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: 28115

ZipNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280kPrice in $113k288k

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

Zip Code: 28115

ZipNIR Market*CityMarket2010Year20002019 Q29001000110012001300140015001600Rent in $8421614

* 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
Coddle Creek Elementary School Primary Regular 504 29 5
Brawley Middle School Middle Regular 746 41 7
Lake Norman High School High Regular 1,865 88 8

Coddle Creek Elementary School

  • Education Level: Primary
  • # of students: 504
  • # of teachers: 29
5
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
 

$305,910$373,890$339,900

PURCHASE PRICE

$1,638$2,002$1,820

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,820
EXPENSES Loan Payment -$1,181
Property Tax -$214
Property Insurance -$62
HOA -$61
Property Management Fees -$119
CASH FLOW
$183

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.

$339,900

PROJECTED PRICE

$1,820

PROJECTED RENT

0.54%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.98%
Appreciation Year (1-5) 5.4%
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$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$95,824

INVESTMENT

$95,824

Down Payment
$84,975
Rehab Estimate
$5,750
Closing Costs
$5,099

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 40% down payment or higher enables the proceeds from the asset to cover all costs.

$1,181

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $84,975
Loan Amount $254,925
See What Happens When You Reinvest Cash Flow

7.83

YEARS SAVED

$34,719

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,820

    LIST RENT
  • $0.99

    LIST RENT PER SQFT
  • $1,825

    COMP ESTIMATED VALUE
  • $0.99

    COMP AVG. RENT PER SQFT
Comps Range
$1,675
1$1,6752$1,8003$1,8204$2,0005$2,100
$2,100
RENT COMPS ANALYSIS
  • 276 Bridges Farm Road Mooresville, NC 3
    • 3 beds 4 baths ∙ 1,834 Sqft ∙ Built 2007 3 beds 4 baths ∙ 1,834 Sqft ∙ Built 2007
    • Rent
    • Rent Per SQFT
    •  
    • $1,820
    • $0.99
    •  
  • 557 Jetton Street Davidson, NC 1
    • 3 beds 4 baths ∙ 1,716 Sqft ∙ Built 2006 3 beds 4 baths ∙ 1,716 Sqft ∙ Built 2006
    LEASED 01/08/21
    • Rent
    • Rent Per SQFT
    •  
    • $1,675
    • $0.98
    •  
  • 311 Jib Court Davidson, NC 2
    • 3 beds 2 baths ∙ 1,777 Sqft ∙ Built 1989 3 beds 2 baths ∙ 1,777 Sqft ∙ Built 1989
    LEASED 01/08/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,800
    • $1.01
    •  
  • 529 Jetton Street Davidson, NC 4
    • 3 beds 4 baths ∙ 1,818 Sqft ∙ Built 2006 3 beds 4 baths ∙ 1,818 Sqft ∙ Built 2006
    LEASED 05/17/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,000
    • $1.10
    •  
  • 192 Lavender Bloom Loop Mooresville, NC 5
    • 3 beds 4 baths ∙ 2,105 Sqft ∙ Built 2006 3 beds 4 baths ∙ 2,105 Sqft ∙ Built 2006
    LEASED 08/11/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,100
    • $1.00
    •  
PROPERTY LISTING DETAILS
Maupin Stewart
1.704.998.8312
Tsg Residential
BESbswy