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113 Farmers Folly Drive Mooresville, NC 28117

3 Beds 3 Baths 2,210 sqft Built 2015

$295,500

List Price

$1,630

$1.5K - $1.8K

Rent Est.

PROPERTY INFO

January 09, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2015
  • Price/Sqft : $133.71
  • 2 Days on Market
  • MLS # : 3697167
  • Updated Date : 01/09/2021 at 16:11
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,210 sqft
  • Baths : 2 full , 1 half
Listing Agent

The Firm Real Estate

Listing Agent's Description

Sought after Waterlynn subdivision. Beautiful move in ready 3 bed 2.5 bath home. Beautiful dark wood floors, large formal dining room, large kitchen with Granite countertopsas well as a large island and Gas range.Attached family room and gas fireplace. Elegant entryway with spiral staircase. Huge Master suite with two walk in closets,master bathroom features oversized shower and soaking tub, second floor loft can be used as office space or playroom . 2 car attached garage front porch and backyard concrete deck completes this beautiful home. Neighborhood has playground, inground pool and club house for your enjoyment. Make your appointment today this home will not last long.

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: Waterlynn

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300kPrice in $118k318k

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

Neighborhood: Waterlynn

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2900100011001200130014001500160017001800Rent in $8441853

* 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
 

$265,950$325,050$295,500

PURCHASE PRICE

$1,467$1,793$1,630

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,630
EXPENSES Loan Payment -$1,026
Property Tax -$275
Property Insurance -$69
HOA -$44
Property Management Fees -$119
CASH FLOW
$97

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.

$295,500

PROJECTED PRICE

$1,630

PROJECTED RENT

0.55%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.48%
Appreciation Year (1-5) 3.9%
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

PROJECTED ANNUAL CASH FLOW

11530$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k$14k$16k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$100k$200k$300k$400k$500k$600k$700k$800k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$84,058

INVESTMENT

$84,058

Down Payment
$73,875
Rehab Estimate
$5,750
Closing Costs
$4,433

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 45% down payment or higher enables the proceeds from the asset to cover all costs.

$1,026

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $73,875
Loan Amount $221,625
See What Happens When You Reinvest Cash Flow

7.25

YEARS SAVED

$26,135

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,630

    LIST RENT
  • $0.74

    LIST RENT PER SQFT
  • $1,624

    COMP ESTIMATED VALUE
  • $0.74

    COMP AVG. RENT PER SQFT
Comps Range
$1,630
1$1,6302$1,6753$1,7254$1,7505$1,810
$1,810
RENT COMPS ANALYSIS
  • 113 Farmers Folly Drive Mooresville, NC 1
    • 3 beds 3 baths ∙ 2,210 Sqft ∙ Built 2015 3 beds 3 baths ∙ 2,210 Sqft ∙ Built 2015
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,630
    • $0.74
    •  
  • 130 Colville Road Mooresville, NC 2
    • 3 beds 3 baths ∙ 2,388 Sqft ∙ Built 2008 3 beds 3 baths ∙ 2,388 Sqft ∙ Built 2008
    property image
    LEASED 01/27/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,675
    • $0.70
    •  
  • 112 Farmers Folly Drive Mooresville, NC 3
    • 3 beds 3 baths ∙ 2,344 Sqft ∙ Built 2008 3 beds 3 baths ∙ 2,344 Sqft ∙ Built 2008
    property image
    LEASED 08/18/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,725
    • $0.74
    •  
  • 115 Colville Road Mooresville, NC 4
    • 3 beds 3 baths ∙ 2,384 Sqft ∙ Built 2007 3 beds 3 baths ∙ 2,384 Sqft ∙ Built 2007
    property image
    LEASED 03/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,750
    • $0.73
    •  
  • 108 Farmers Folly Drive Mooresville, NC 5
    • 3 beds 3 baths ∙ 2,331 Sqft ∙ Built 2008 3 beds 3 baths ∙ 2,331 Sqft ∙ Built 2008
    property image
    LEASED 07/18/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,810
    • $0.78
    •  
PROPERTY LISTING DETAILS
Geraldine Ceraolo
1.704.506.0402
The Firm Real Estate
BESbswy