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438 Preston Road #456 Mooresville, NC 28117

5 Beds 4 Baths 2,910 sqft Built 2021

$407,208

List Price

$2,640

$2.4K - $2.9K

Rent Est.

PROPERTY INFO

Built 2021 NEW CONSTRUCTION
January 18, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2021
  • Price/Sqft : $139.93
  • 8 Days on Market
  • MLS # : 3699466
  • Updated Date : 01/17/2021 at 12:09
CONSTRUCTION
  • Beds : 5
  • Floor Size : 2,910 sqft
  • Baths : 4 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. This five bedroom, four bathroom home boasts of a Formal dining room with coffer ceiling connects to a chef's kitchen w/a Butler's pantry and breakfast bar. Open kitchen-family room with gas fireplace. 1st floor guest suite, mud area w/built-in's! Wrought iron staircase leads up to an open loft, large main suite, deluxe bath and and oversized closet! Gorgeous main 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. Private back deck

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
 

$366,487$447,929$407,208

PURCHASE PRICE

$2,376$2,904$2,640

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,640
EXPENSES Loan Payment -$1,414
Property Tax -$170
Property Insurance -$82
HOA -$63
Property Management Fees -$119
CASH FLOW
$792

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.

$407,208

PROJECTED PRICE

$2,640

PROJECTED RENT

0.65%

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$1.6M

PROJECTED ANNUAL CASH FLOW

11530$0.0$5.0k$10k$15k$20k$25k$30k$35k

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$109,910

INVESTMENT

$109,910

Down Payment
$101,802
Rehab Estimate
$2,000
Closing Costs
$6,108

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,414

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $101,802
Loan Amount $305,406
See What Happens When You Reinvest Cash Flow

15.08

YEARS SAVED

$103,331

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,640

    LIST RENT
  • $0.91

    LIST RENT PER SQFT
  • $2,619

    COMP ESTIMATED VALUE
  • $0.9

    COMP AVG. RENT PER SQFT
Comps Range
$2,350
1$2,3502$2,6003$2,6404$2,6505$2,700
$2,700
RENT COMPS ANALYSIS
  • 438 Preston Road Mooresville, NC 3
    • 5 beds 4 baths ∙ 2,910 Sqft ∙ Built 2021 5 beds 4 baths ∙ 2,910 Sqft ∙ Built 2021
    • Rent
    • Rent Per SQFT
    •  
    • $2,640
    • $0.91
    •  
  • 132 Longleaf Drive Mooresville, NC 1
    • 5 beds 4 baths ∙ 2,766 Sqft ∙ Built 2019 5 beds 4 baths ∙ 2,766 Sqft ∙ Built 2019
    LEASED 07/06/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,350
    • $0.85
    •  
  • 135 Gray Willow Street Mooresville, NC 2
    • 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
    •  
  • 142 Carolina Ash Lane Mooresville, NC 4
    • 5 beds 4 baths ∙ 2,918 Sqft ∙ Built 2019 5 beds 4 baths ∙ 2,918 Sqft ∙ Built 2019
    LEASED 12/02/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,650
    • $0.91
    •  
  • 174 Yellow Birch Loop Mooresville, NC 5
    • 5 beds 4 baths ∙ 2,910 Sqft ∙ Built 2020 5 beds 4 baths ∙ 2,910 Sqft ∙ Built 2020
    LEASED 12/19/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,700
    • $0.93
    •  
PROPERTY LISTING DETAILS
Christine Powell
1.904.536.6450
Dr Horton Inc
BESbswy