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147 Foxfield Park Drive Mooresville, NC 28115

4 Beds 4 Baths 2,484 sqft Built 2005

$425,000

List Price

$2,170

$2K - $2.4K

Rent Est.

PROPERTY INFO

January 16, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2005
  • Price/Sqft : $171.10
  • 2 Days on Market
  • MLS # : 3699097
  • Updated Date : 01/16/2021 at 15:20
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,484 sqft
  • Baths : 2 full , 2 half
Listing Agent

Mooresville Realty Llc

Listing Agent's Description

Beautiful Full Brick home in desirable and convenient Foxfield Subdivision. Excellent home for entertaining and hosting parties! Features include: Finished Basement, Lots of Storage, Saltwater Pool, Fenced Yard, Flat Driveway. Hardwood floors on Main level, Spacious Kitchen with Corian Countertops, Large Island w/storage, Stainless Steel Appliances, Pantry, Built-in desk. Generous Family Room with gas fireplace. 3rd level includes Large Master w/ Tray Ceiling, Jacuzzi Tub, separate shower and Walk-In Closet. The basement features a large rec room with walk out to pool, walk-in storage and utility room. Fenced backyard with nice landscaping, patio and deck surrounding the saltwater pool. 2-car side load garage located in basement. Located in Mooresville Graded School District.

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

Neighborhood: Foxfield

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300k320k340k360kPrice in $118k380k

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

Neighborhood: Foxfield

NeighborhoodNIR Market*CityMarket2010Year20002019 Q290010001100120013001400150016001700180019002000Rent in $8442080

* 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
 

$382,500$467,500$425,000

PURCHASE PRICE

$1,953$2,387$2,170

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,170
EXPENSES Loan Payment -$1,476
Property Tax -$396
Property Insurance -$74
HOA -$20
Property Management Fees -$119
CASH FLOW
$85

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.

$425,000

PROJECTED PRICE

$2,170

PROJECTED RENT

0.51%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.48%
Appreciation Year (1-5) 3.5%
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

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$118,375

INVESTMENT

$118,375

Down Payment
$106,250
Rehab Estimate
$5,750
Closing Costs
$6,375

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,476

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $106,250
Loan Amount $318,750
See What Happens When You Reinvest Cash Flow

6.58

YEARS SAVED

$33,153

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,170

    LIST RENT
  • $0.87

    LIST RENT PER SQFT
  • $1,820

    COMP ESTIMATED VALUE
  • $0.73

    COMP AVG. RENT PER SQFT
Comps Range
$1,675
1$1,6752$1,7503$1,8104$1,9455$2,170
$2,170
RENT COMPS ANALYSIS
  • 147 Foxfield Park Drive Mooresville, NC 5
    • 4 beds 4 baths ∙ 2,484 Sqft ∙ Built 2005 4 beds 4 baths ∙ 2,484 Sqft ∙ Built 2005
    • Rent
    • Rent Per SQFT
    •  
    • $2,170
    • $0.87
    •  
  • 130 Colville Road Mooresville, NC 1
    • 3 beds 3 baths ∙ 2,388 Sqft ∙ Built 2008 3 beds 3 baths ∙ 2,388 Sqft ∙ Built 2008
    LEASED 01/27/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,675
    • $0.70
    •  
  • 115 Colville Road Mooresville, NC 2
    • 3 beds 3 baths ∙ 2,384 Sqft ∙ Built 2007 3 beds 3 baths ∙ 2,384 Sqft ∙ Built 2007
    LEASED 03/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,750
    • $0.73
    •  
  • 108 Farmers Folly Drive Mooresville, NC 3
    • 3 beds 3 baths ∙ 2,331 Sqft ∙ Built 2008 3 beds 3 baths ∙ 2,331 Sqft ∙ Built 2008
    LEASED 07/18/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,810
    • $0.78
    •  
  • 135 Tetcott Street Mooresville, NC 4
    • 4 beds 3 baths ∙ 2,698 Sqft ∙ Built 2018 4 beds 3 baths ∙ 2,698 Sqft ∙ Built 2018
    LEASED 04/02/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,945
    • $0.72
    •  
PROPERTY LISTING DETAILS
Warren Dumford
1.704.965.7355
Mooresville Realty Llc
BESbswy