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285 Bridges Farm Road Mooresville, NC 28115

3 Beds 3 Baths 1,942 sqft Built 2007

$337,500

List Price

$1,790

$1.6K - $2K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
FACTS
  • Single Family
  • Built In 2007
  • Price/Sqft : $173.79
  • 21 Days on Market
  • MLS # : 3703189
  • Updated Date : 02/20/2021 at 10:29
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,942 sqft
  • Baths : 2 full , 1 half
Listing Agent

Southern Homes Of The Carolinas

Listing Agent's Description

Experience life near the lake in charming Davidson Pointe! Authentic Saussy Burbank design for living with style and comfort. Charleston-style home features great room with fireplace to enjoy cozy winter movie nights. Spacious dining area for breaking bread. Kitchen has ample granite counter work space, stainless appliances & Aquasana filtration system. Backyard is a pocket garden paradise perfect for outdoor fun times. Generously sized secondary bedroom up with adjoining bath. Large owners' suite has beautiful natural light, sizeable closet & bath. Third floor bedroom/bonus provides flex space for home office, work out area or tv retreat. New HVAC & furnace. Enjoy spectacular sunsets from the neighborhood lakefront cabana. Take a kayak or paddleboard cruise for an after-dinner cruise. This amazing community offers so much-a beautiful saltwater pool, cabana area, gorgeous lake & walking trail. Convenient location, wonderful home, a sweet neighborhood - welcome home!

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
 

$303,750$371,250$337,500

PURCHASE PRICE

$1,611$1,969$1,790

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,790
EXPENSES Loan Payment -$1,172
Property Tax -$213
Property Insurance -$64
HOA -$61
Property Management Fees -$119
CASH FLOW
$161

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.

$337,500

PROJECTED PRICE

$1,790

PROJECTED RENT

0.53%

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

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$95,188

INVESTMENT

$95,188

Down Payment
$84,375
Rehab Estimate
$5,750
Closing Costs
$5,063

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,172

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $84,375
Loan Amount $253,125
See What Happens When You Reinvest Cash Flow

7.58

YEARS SAVED

$32,317

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,790

    LIST RENT
  • $0.92

    LIST RENT PER SQFT
  • $1,927

    COMP ESTIMATED VALUE
  • $0.99

    COMP AVG. RENT PER SQFT
Comps Range
$1,675
1$1,6752$1,7503$1,7904$2,0005$2,100
$2,100
RENT COMPS ANALYSIS
  • 285 Bridges Farm Road Mooresville, NC 3
    • 3 beds 3 baths ∙ 1,942 Sqft ∙ Built 2007 3 beds 3 baths ∙ 1,942 Sqft ∙ Built 2007
    • Rent
    • Rent Per SQFT
    •  
    • $1,790
    • $0.92
    •  
  • 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
    •  
  • 119 Ashford Hollow Lane Mooresville, NC 2
    • 3 beds 3 baths ∙ 1,750 Sqft ∙ Built 1989 3 beds 3 baths ∙ 1,750 Sqft ∙ Built 1989
    LEASED 11/17/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,750
    • $1.00
    •  
  • 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
Renee Austin Elkin
1.704.957.4991
Southern Homes Of The Carolinas
1.866.250.5610
Carolina Multiple Listing Services ( Carolina)
MLS #: 3703189
Last Updated: 02/20/2021
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