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293 Montibello Drive Mooresville, NC 28117

4 Beds 5 Baths 4,367 sqft Built 2005

$430,000

List Price

$2,730

$2.5K - $3K

Rent Est.

PROPERTY INFO

November 07, 2020 RECENTLY ADDED
FACTS
  • Built In 2005
  • Price/Sqft : $98.47
  • 3 Days on Market
  • MLS # : 3675082
  • Updated Date : 11/06/2020 at 20:18
CONSTRUCTION
  • Beds : 4
  • Floor Size : 4,367 sqft
  • Baths : 3 full , 2 half
Listing Agent

Wilkinson Era Real Estate

Listing Agent's Description

Need lots of space? Want a full featured community with all the amenities close to Lake Norman? Immaculate, large home in desirable Morrison Plantation. 4 bedrooms, 3 full & 2 half baths, plus an office and huge bonus room. Stunning 2 story great room w/ gracious, tall windows, open to huge gourmet kitchen made for cooking, laughing, & eating great food. Walk in pantry, ample cabinets, top quality stainless steel appliances, "under cabinet" lighting. Upgraded built-ins; in office downstairs, kitchen wine nook & bedrooms. Hardwood floors along w/ neutral carpets. Three floors make for spaces for everyone in the household. Use bonus room upstairs as a hang out space or another bedroom. Awesome master suite with huge closet & sitting room or nursery. Master bath w/ garden tub & separate shower, dual vanities. High ceilings and tray ceilings in many rooms. Front covered porch and back deck. Right across the street from POOL, clubhouse, tennis court, and lots of fun!

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

Neighborhood: Morrison Plantation

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300kPrice in $118k318k

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

Neighborhood: Morrison Plantation

NeighborhoodNIR Market*CityMarket2010Year20002019 Q290010001100120013001400150016001700180019002000Rent in $8442074

* 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
 

$387,000$473,000$430,000

PURCHASE PRICE

$2,457$3,003$2,730

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,730
EXPENSES Loan Payment -$1,587
Property Tax -$431
Property Insurance -$109
HOA -$63
Property Management Fees -$246
CASH FLOW
$295

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.

$430,000

PROJECTED PRICE

$2,730

PROJECTED RENT

0.63%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.48%
Appreciation Year (1-5) 5.6%
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$1.2M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$119,700

INVESTMENT

$119,700

Down Payment
$107,500
Rehab Estimate
$5,750
Closing Costs
$6,450

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,587

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $107,500
Loan Amount $322,500
See What Happens When You Reinvest Cash Flow

8.17

YEARS SAVED

$54,763

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,730

    LIST RENT
  • $0.63

    LIST RENT PER SQFT
  • $3,210

    COMP ESTIMATED VALUE
  • $0.74

    COMP AVG. RENT PER SQFT
Comps Range
$2,730
1$2,7302$3,0003$3,195
$3,195
RENT COMPS ANALYSIS
  • 293 Montibello Drive Mooresville, NC 1
    • 4 beds 5 baths ∙ 4,367 Sqft ∙ Built 2005 4 beds 5 baths ∙ 4,367 Sqft ∙ Built 2005
    • Rent
    • Rent Per SQFT
    •  
    • $2,730
    • $0.63
    •  
  • 247 Montibello Drive Mooresville, NC 2
    • 4 beds 4 baths ∙ 4,406 Sqft ∙ Built 2003 4 beds 4 baths ∙ 4,406 Sqft ∙ Built 2003
    LEASED 10/21/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,000
    • $0.68
    •  
  • 323 Mccrary Road Mooresville, NC 3
    • 4 beds 5 baths ∙ 4,051 Sqft ∙ Built 2014 4 beds 5 baths ∙ 4,051 Sqft ∙ Built 2014
    LEASED 07/24/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,195
    • $0.79
    •  
PROPERTY LISTING DETAILS
Karen Carty
1.704.402.9370
Wilkinson Era Real Estate
BESbswy