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423 Preston Road #423 Mooresville, NC 28117

4 Beds 3 Baths 2,558 sqft Built 2020

$388,950

List Price

$2,290

$2.1K - $2.5K

Rent Est.

PROPERTY INFO

Built 2020 NEW CONSTRUCTION
FACTS
  • Single Family
  • Built In 2020
  • Price/Sqft : $152.05
  • 15 Days on Market
  • MLS # : 3688451
  • Updated Date : 01/27/2021 at 15:06
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,558 sqft
  • Baths : 3 full
Listing Agent

Dr Horton Inc

Listing Agent's Description

Lake Front Community; enjoy a resort feel where you live! Lake Norman access via community Canoe launch, fish and other fun lake activities. Pool & clubhouse, walking trails, playground, pocket parks, bocce ball court. Stunning Two-story entry showcasing wrought iron staircase and formal dining room. Open kitchen to family room with gas fireplace. 1st floor guest room suite. Big bonus can double as a 5th bed. Gorgeous bath w/tile shower and semi-frameless shower enclosure. Upgrades Galore! Gourmet kitchen-stainless double ovens, gas cooktop, castled cabinetry w/base pull outs and granite. Revwood floors in downstairs living areas and ceramic tile and granite counters in all bathrooms. Tankless water heater, Smart home tech, deluxe two-piece crown, wainscoting, cased windows, 5" baseboards and tray ceiling in master. Charming front porch elevation with covered back porch.

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
Lakeshore Elementary School Primary Regular 632 40 5
Lakeshore Middle School Middle Regular 514 29 7
Lake Norman High School High Regular 1,865 88 8

Lakeshore Elementary School

  • Education Level: Primary
  • # of students: 632
  • # of teachers: 40
5
GreatSchools Rating

Lakeshore Middle School

  • Education Level: Middle
  • # of students: 514
  • # of teachers: 29
7
GreatSchools Rating

Lake Norman High School

  • Education Level: High
  • # of students: 1,865
  • # of teachers: 88
8
GreatSchools Rating
 

$350,055$427,845$388,950

PURCHASE PRICE

$2,061$2,519$2,290

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,290
EXPENSES Loan Payment -$1,351
Property Tax -$162
Property Insurance -$75
HOA -$63
Property Management Fees -$119
CASH FLOW
$520

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.

$388,950

PROJECTED PRICE

$2,290

PROJECTED RENT

0.59%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.48%
Appreciation Year (1-5) 5.1%
Maintenance Year (1-5) 3.00%
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$25k$30k

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$105,072

INVESTMENT

$105,072

Down Payment
$97,238
Rehab Estimate
$2,000
Closing Costs
$5,834

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 20% down payment or higher enables the proceeds from the asset to cover all costs.

$1,351

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $97,238
Loan Amount $291,713
See What Happens When You Reinvest Cash Flow

12.92

YEARS SAVED

$82,429

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,290

    LIST RENT
  • $0.9

    LIST RENT PER SQFT
  • $2,296

    COMP ESTIMATED VALUE
  • $0.9

    COMP AVG. RENT PER SQFT
Comps Range
$2,200
1$2,2002$2,2903$2,3654$2,4005$2,600
$2,600
RENT COMPS ANALYSIS
  • 423 Preston Road Mooresville, NC 2
    • 4 beds 3 baths ∙ 2,558 Sqft ∙ Built 2020 4 beds 3 baths ∙ 2,558 Sqft ∙ Built 2020
    • Rent
    • Rent Per SQFT
    •  
    • $2,290
    • $0.90
    •  
  • 190 Atwater Landing Drive Mooresville, NC 1
    • 5 beds 3 baths ∙ 2,446 Sqft ∙ Built 2020 5 beds 3 baths ∙ 2,446 Sqft ∙ Built 2020
    LEASED 06/26/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,200
    • $0.90
    •  
  • 139 Gray Willow Street Mooresville, NC 3
    • 4 beds 3 baths ∙ 2,644 Sqft ∙ Built 2020 4 beds 3 baths ∙ 2,644 Sqft ∙ Built 2020
    LEASED 01/12/21
    • Rent
    • Rent Per SQFT
    •  
    • $2,365
    • $0.89
    •  
  • 140 Gray Willow Street Mooresville, NC 4
    • 4 beds 3 baths ∙ 2,644 Sqft ∙ Built 2020 4 beds 3 baths ∙ 2,644 Sqft ∙ Built 2020
    LEASED 12/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,400
    • $0.91
    •  
  • 135 Gray Willow Street Mooresville, NC 5
    • 4 beds 3 baths ∙ 2,820 Sqft ∙ Built 2020 4 beds 3 baths ∙ 2,820 Sqft ∙ Built 2020
    LEASED 01/12/21
    • Rent
    • Rent Per SQFT
    •  
    • $2,600
    • $0.92
    •  
PROPERTY LISTING DETAILS
Christine Powell
1.904.536.6450
Dr Horton Inc
BESbswy