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332 Sundown Road # 7 Mooresville, NC 28117

4 Beds 3 Baths 2,705 sqft Built 2020

INVESTimate

$449,000

List Price

$2,140

$1,926 - $2,354

Rent Est.

$471,989  ( +5.12%)   1 YR EST. FORECAST

PROPERTY INFO

Built 2020 NEW CONSTRUCTION
August 25, 2020 RECENTLY ADDED
FACTS
  • Built In 2020
  • Price/Sqft : $165.99
  • 2 Days on Market
  • MLS # : 3655019
  • Updated Date : 08/25/2020 at 14:31
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,705 sqft
  • Baths : 2 full , 1 half
Listing Agent

Allen Tate Lake Norman

Listing Agent's Description

Welcome to 332 Sundown! A new construction true water view home on a large private lot. This area of Lake Norman is reminiscent of your childhood lake days but with the added luxury of having wonderful shopping and dining just minutes away. Hybrid Homes is known for their great attention to detail and comfortable open and bright floor plans. Sit on your front porch with your morning coffee and listen to the soothing sounds of the lake. The master suite is large and peaceful with a spa like bath and his and her closets. Work from your main level home office with a lake view. Low Iredell county taxes and no HOA. We would love for you to make this your new home.

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

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
 

$404,100$493,900$449,000

PURCHASE PRICE

$1,926$2,354$2,140

RENT

DOWN PAYMENT
FINANCING

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

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,140
EXPENSES Loan Payment -$1,657
Property Tax -$187
Property Insurance -$78
Property Management Fees -$193
CASH FLOW
$25

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 9% of earned rent to cover both maintenance and periods of vacancy.

$449,000

PROJECTED PRICE

$2,140

PROJECTED RENT

0.48%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.48%
Appreciation Year (1-5) 5.12%
Maintenance Year (1-5) 3.00%
Vacancy 6.31%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$120,985

INVESTMENT

$120,985

Down Payment
$112,250
Rehab Estimate
$2,000
Closing Costs
$6,735

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,657

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $112,250
Loan Amount $336,750
See What Happens When You Reinvest Cash Flow

5.5

YEARS SAVED

$32,787

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,140

    LIST RENT
  • $0.79

    LIST RENT PER SQFT
  • $2,096

    COMP ESTIMATED VALUE
  • $0.78

    COMP AVG. RENT PER SQFT
Comps Range
$1,795
1$1,7952$1,7953$2,1404$2,1505$2,195
$2,195
RENT COMPS ANALYSIS
  • 332 Sundown Road Mooresville, NC 3
    • 4 beds 3 baths ∙ 2,705 Sqft ∙ Built 2020 4 beds 3 baths ∙ 2,705 Sqft ∙ Built 2020
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $2,140
    • $0.79
    •  
  • 218 Wood Duck Loop Mooresville, NC 1
    • 3 beds 3 baths ∙ 2,446 Sqft ∙ Built 1990 3 beds 3 baths ∙ 2,446 Sqft ∙ Built 1990
    property image
    LEASED 06/10/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,795
    • $0.73
    •  
  • 135 Charleston Drive Mooresville, NC 2
    • 3 beds 3 baths ∙ 2,530 Sqft ∙ Built 2018 3 beds 3 baths ∙ 2,530 Sqft ∙ Built 2018
    property image
    LEASED 06/13/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,795
    • $0.71
    •  
  • 163 Turnberry Lane Mooresville, NC 4
    • 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 5
    • 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
    •  
PROPERTY LISTING DETAILS
Anita Sabates
1.704.562.2515
Allen Tate Lake Norman
BESbswy