Work with a dedicated Real Estate Advisor who will take your financial preferences and help you select and acquire properties that fit your criteria. Learn more

9820 Fernspray Road Charlotte, NC 28215

3 Beds 3 Baths 2,675 sqft Built 2009

$299,000

List Price

$1,760

$1.6K - $1.9K

Rent Est.

PROPERTY INFO

January 30, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2009
  • Price/Sqft : $111.78
  • 3 Days on Market
  • MLS # : 3703338
  • Updated Date : 01/30/2021 at 22:32
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,675 sqft
  • Baths : 2 full , 1 half
Listing Agent

Lantern Realty & Development Llc

Listing Agent's Description

Immaculate home, 3 car oversized garage with built in cabinets, premium lot with privacy, this home has it all! Beautiful yard with a screened-in porch to watch the birds in the woods, a trex deck to enjoy grilling out, a cute shed, that is just the outside! This move-in ready home has a huge kitchen with granite, SS appliances, tons of cabinet space and a large pantry. The open floor plan is fantastic for entertaining. This home won't last long, neighborhood amenities include a pool, clubhouse, playground and a pond. Make this home yours today!

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: Newell

NeighborhoodNIR Market*CityMarket2010Year20002019110k120k130k140k150k160k170k180k190k200k210k220k230kPrice in $108k235k

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

Neighborhood: Newell

NeighborhoodNIR Market*CityMarket2010Year20002019 Q285090095010001050110011501200125013001350140014501500Rent in $8261518

* 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
Joseph W. Grier Academy Primary Regular 789 50 3
Northridge Middle School Middle Regular 779 43 3
Rocky River High School High Regular 1,710 90 3

Joseph W. Grier Academy

  • Education Level: Primary
  • # of students: 789
  • # of teachers: 50
3
GreatSchools Rating

Northridge Middle School

  • Education Level: Middle
  • # of students: 779
  • # of teachers: 43
3
GreatSchools Rating

Rocky River High School

  • Education Level: High
  • # of students: 1,710
  • # of teachers: 90
3
GreatSchools Rating
 

$269,100$328,900$299,000

PURCHASE PRICE

$1,584$1,936$1,760

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,760
EXPENSES Loan Payment -$1,039
Property Tax -$269
Property Insurance -$78
HOA -$58
Property Management Fees -$119
CASH FLOW
$198

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 15% of earned rent to cover both maintenance and periods of vacancy.

$299,000

PROJECTED PRICE

$1,760

PROJECTED RENT

0.59%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.98%
Appreciation Year (1-5) 7.5%
Maintenance Year (1-5) 8.00%
Vacancy 6.57%
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$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k$14k$16k$18k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$84,985

INVESTMENT

$84,985

Down Payment
$74,750
Rehab Estimate
$5,750
Closing Costs
$4,485

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 40% down payment or higher enables the proceeds from the asset to cover all costs.

$1,039

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $74,750
Loan Amount $224,250
See What Happens When You Reinvest Cash Flow

8.25

YEARS SAVED

$32,289

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,760

    LIST RENT
  • $0.66

    LIST RENT PER SQFT
  • $1,786

    COMP ESTIMATED VALUE
  • $0.67

    COMP AVG. RENT PER SQFT
Comps Range
$1,565
1$1,5652$1,6853$1,7454$1,7605$1,995
$1,995
RENT COMPS ANALYSIS
  • 9820 Fernspray Road Charlotte, NC 4
    • 3 beds 3 baths ∙ 2,675 Sqft ∙ Built 2009 3 beds 3 baths ∙ 2,675 Sqft ∙ Built 2009
    • Rent
    • Rent Per SQFT
    •  
    • $1,760
    • $0.66
    •  
  • 10402 Snowbell Court Charlotte, NC 1
    • 3 beds 3 baths ∙ 2,523 Sqft ∙ Built 2016 3 beds 3 baths ∙ 2,523 Sqft ∙ Built 2016
    LEASED 02/06/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,565
    • $0.62
    •  
  • 3005 Buckleigh Drive Charlotte, NC 2
    • 4 beds 3 baths ∙ 2,760 Sqft ∙ Built 2007 4 beds 3 baths ∙ 2,760 Sqft ∙ Built 2007
    LEASED 05/29/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,685
    • $0.61
    •  
  • 10730 Dapple Grey Lane Charlotte, NC 3
    • 3 beds 2 baths ∙ 2,576 Sqft ∙ Built 2007 3 beds 2 baths ∙ 2,576 Sqft ∙ Built 2007
    LEASED 04/30/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,745
    • $0.68
    •  
  • 9928 Seven Oaks Drive Charlotte, NC 5
    • 4 beds 3 baths ∙ 2,622 Sqft ∙ Built 2006 4 beds 3 baths ∙ 2,622 Sqft ∙ Built 2006
    LEASED 11/24/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,995
    • $0.76
    •  
PROPERTY LISTING DETAILS
Melissa Lacroix
1.704.796.6531
Lantern Realty & Development Llc
BESbswy