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815 Ferncliff Drive Mooresville, NC 28115

3 Beds 2 Baths 1,795 sqft Built 1985

$265,000

List Price

$1,380

$1.2K - $1.5K

Rent Est.

PROPERTY INFO

November 14, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1985
  • Price/Sqft : $147.63
  • 4 Days on Market
  • MLS # : 3679270
  • Updated Date : 11/14/2020 at 20:44
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,795 sqft
  • Baths : 2 full
Listing Agent

Keller Williams Mooresville

Listing Agent's Description

Here is the full brick ranch you have been waiting for! Located in the sought after Mooresville Graded School District in an established neighborhood with no HOA, this house sits on a large level corner lot with mature trees, nice landscaping, fenced backyard, large brick work shop with power and custom storage shed. Inside find beautiful hardwood floors, vinyl tile, neutral paint, and a gorgeous updated kitchen & butler's pantry featuring custom Eudy cabinets with quiet close drawers, granite countertops and stainless appliances. The great room boasts a stacked stone wood burning fireplace. Attractive updated lighting and fixtures plus built-in shelves are abundant throughout this well appointed home with three spacious bedrooms and two full baths. A large walk-in laundry room offers more storage space. Outside enjoy nature from the back deck overlooking your private back yard. 52" plasma tv, refrigerator, washer and dryer convey!

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: Ferncliff Estate

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300kPrice in $118k318k

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

Neighborhood: Ferncliff Estate

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2900100011001200130014001500160017001800Rent in $8441809

* 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
Rocky River Elementary School Primary Regular 637 40 7
Mooresville Intermediate School Middle Regular 745 42 5
Mooresville High School High Regular 1,787 78 8

Rocky River Elementary School

  • Education Level: Primary
  • # of students: 637
  • # of teachers: 40
7
GreatSchools Rating

Mooresville Intermediate School

  • Education Level: Middle
  • # of students: 745
  • # of teachers: 42
5
GreatSchools Rating

Mooresville High School

  • Education Level: High
  • # of students: 1,787
  • # of teachers: 78
8
GreatSchools Rating
 

$238,500$291,500$265,000

PURCHASE PRICE

$1,242$1,518$1,380

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,380
EXPENSES Loan Payment -$978
Property Tax -$251
Property Insurance -$61
Property Management Fees -$124
CASH FLOW
-$34

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.

$265,000

PROJECTED PRICE

$1,380

PROJECTED RENT

0.52%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.48%
Appreciation Year (1-5) 5.4%
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$100k$200k$300k$400k$500k$600k$700k$800k

PROJECTED ANNUAL CASH FLOW

11530-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k$10k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$75,975

INVESTMENT

$75,975

Down Payment
$66,250
Rehab Estimate
$5,750
Closing Costs
$3,975

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 50% down payment or higher enables the proceeds from the asset to cover all costs.

$978

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $66,250
Loan Amount $198,750
See What Happens When You Reinvest Cash Flow

4.08

YEARS SAVED

$12,123

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,380

    LIST RENT
  • $0.77

    LIST RENT PER SQFT
  • $1,544

    COMP ESTIMATED VALUE
  • $0.86

    COMP AVG. RENT PER SQFT
Comps Range
$1,380
1$1,3802$1,4003$1,5754$1,6255$1,775
$1,775
RENT COMPS ANALYSIS
  • 815 Ferncliff Drive Mooresville, NC 1
    • 3 beds 2 baths ∙ 1,795 Sqft ∙ Built 1985 3 beds 2 baths ∙ 1,795 Sqft ∙ Built 1985
    • Rent
    • Rent Per SQFT
    •  
    • $1,380
    • $0.77
    •  
  • 628 Fieldstone Road Mooresville, NC 2
    • 3 beds 2 baths ∙ 1,770 Sqft ∙ Built 1968 3 beds 2 baths ∙ 1,770 Sqft ∙ Built 1968
    LEASED 10/08/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,400
    • $0.79
    •  
  • 134 E Stewart Avenue Mooresville, NC 3
    • 3 beds 2 baths ∙ 1,831 Sqft ∙ Built 1941 3 beds 2 baths ∙ 1,831 Sqft ∙ Built 1941
    LEASED 07/20/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,575
    • $0.86
    •  
  • 111 Golden Valley Drive Mooresville, NC 4
    • 4 beds 2 baths ∙ 1,852 Sqft ∙ Built 2005 4 beds 2 baths ∙ 1,852 Sqft ∙ Built 2005
    LEASED 08/27/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,625
    • $0.88
    •  
  • 137 Golden Valley Drive Mooresville, NC 5
    • 3 beds 3 baths ∙ 1,948 Sqft ∙ Built 2003 3 beds 3 baths ∙ 1,948 Sqft ∙ Built 2003
    LEASED 10/08/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,775
    • $0.91
    •  
PROPERTY LISTING DETAILS
Ginny Barker
1.704.657.8881
Keller Williams Mooresville
BESbswy