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6070 Ferncliff Drive Concord, NC 28027

3 Beds 3 Baths 1,884 sqft Built 1979

$300,000

List Price

$1,630

$1.5K - $1.8K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
March 13, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1979
  • Price/Sqft : $159.24
  • 2 Days on Market
  • MLS # : 3716323
  • Updated Date : 03/13/2021 at 08:12
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,884 sqft
  • Baths : 2 full , 1 half
Listing Agent

Southern Homes Of The Carolinas

Listing Agent's Description

Beautiful stately brick home located in Concord! This gem greets you with a rocking chair front porch and welcomes you inside. Once inside, check out the beautiful wood floors that flow from the living room into the dining room. The spacious family room with tile floors has stunning brick fireplace and bead board walls. Large eat in kitchen with updated granite countertops, gorgeous subway tile and has tons of cabinets. Upstairs you will find the spacious Owners suite with full bath and secondary bedrooms and another full bath! HUGE yard is perfect for entertaining with a large patio! Oversized 2 car garage and extra long driveway which is perfect for all your cars! Fantastic location- between Concord Mills and Afton Village, 85, shops, and dining!

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: Quail Hollow

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300kPrice in $118k318k

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

Neighborhood: Quail Hollow

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2900100011001200130014001500160017001800Rent in $8401809

* 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
Carl A. Furr Elementary School Primary Regular 745 49 6
Harold Winkler Middle School Middle Regular 978 60 6
Jay M Robinson High School High Regular 1,339 86 3

Carl A. Furr Elementary School

  • Education Level: Primary
  • # of students: 745
  • # of teachers: 49
6
GreatSchools Rating

Harold Winkler Middle School

  • Education Level: Middle
  • # of students: 978
  • # of teachers: 60
6
GreatSchools Rating

Jay M Robinson High School

  • Education Level: High
  • # of students: 1,339
  • # of teachers: 86
3
GreatSchools Rating
 

$270,000$330,000$300,000

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 -$1,042
Property Tax -$332
Property Insurance -$63
Property Management Fees -$119
CASH FLOW
$75

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.

$300,000

PROJECTED PRICE

$1,630

PROJECTED RENT

0.54%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.48%
Appreciation Year (1-5) 5.3%
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

PROJECTED ANNUAL CASH FLOW

11530-$2.0k$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$85,250

INVESTMENT

$85,250

Down Payment
$75,000
Rehab Estimate
$5,750
Closing Costs
$4,500

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,042

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $75,000
Loan Amount $225,000
See What Happens When You Reinvest Cash Flow

6.67

YEARS SAVED

$24,291

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
  • $0.87

    LIST RENT PER SQFT
  • $1,639

    COMP ESTIMATED VALUE
  • $0.87

    COMP AVG. RENT PER SQFT
Comps Range
$1,550
1$1,5502$1,5953$1,5954$1,6305$1,700
$1,700
RENT COMPS ANALYSIS
  • 6070 Ferncliff Drive Concord, NC 4
    • 3 beds 3 baths ∙ 1,884 Sqft ∙ Built 1979 3 beds 3 baths ∙ 1,884 Sqft ∙ Built 1979
    • Rent
    • Rent Per SQFT
    •  
    • $1,630
    • $0.87
    •  
  • 611 Dusty Lane Concord, NC 1
    • 3 beds 2 baths ∙ 1,842 Sqft ∙ Built 2002 3 beds 2 baths ∙ 1,842 Sqft ∙ Built 2002
    LEASED 01/24/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,550
    • $0.84
    •  
  • 4788 Lauren Glen Street Concord, NC 2
    • 4 beds 2 baths ∙ 1,876 Sqft ∙ Built 1998 4 beds 2 baths ∙ 1,876 Sqft ∙ Built 1998
    LEASED 10/04/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,595
    • $0.85
    •  
  • 480 Riverglen Drive Concord, NC 3
    • 3 beds 3 baths ∙ 1,911 Sqft ∙ Built 2003 3 beds 3 baths ∙ 1,911 Sqft ∙ Built 2003
    LEASED 04/09/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,595
    • $0.83
    •  
  • 6530 Lynwood Drive Nw Concord, NC 5
    • 3 beds 3 baths ∙ 1,768 Sqft ∙ Built 1969 3 beds 3 baths ∙ 1,768 Sqft ∙ Built 1969
    LEASED 08/05/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,700
    • $0.96
    •  
PROPERTY LISTING DETAILS
Brigitte Perry
1.704.293.2741
Southern Homes Of The Carolinas
1.866.250.5610
Carolina Multiple Listing Services ( Carolina)
MLS #: 3716323
Last Updated: 03/13/2021
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