Lake Norman, NC Dreaming
adjust possible shares to see calculations for more or less people
$3,500,000
target home price
$437,500
cost per share
$3,851 / mo
monthly cost
|
CASH AT CLOSING PER SHARE
|
|
Down Payment
$87,500
|
|
Closing Cost
$26,250
|
|
Reserve Fund Deposit
$13,125
|
|
Total Cash at Closing
$126,875
|
Details
4 bedrooms
| 6 bath
| 6,247
sqft
Looking for a waterfront Lake Norman oasis with three other buyers. Minimum 4 bedrooms with waterfront amenities and dock. Lake Norman is just 40 minute drive to Charlotte Douglas International Airport. Co-owners are like minded individuals looking for the perfect family retreat. Combined LLC partners can discuss pros/cons of exclusive ownership use, or selective rental opportunities to defray costs.
House Usage
- 8 shares total
- 6 weeks a year per share
Amenities
- Dock
- Fire place
- Porch
- Waterfront
About the Agent
Frances Dawson
Re/Max
Frances Dawson
Re/Max
I have lived in the Lake Norman area of North Carolina for 14 years. I love time spent on the lake relaxing, going to dinner with friends and enjoying Lake Norman festivals and events. While Lake Norman is a community unto itself, I love being just 30 minutes away from Charlotte and all that a large city can offer. If I want a quick weekend getaway, I can be in the Smoky Mountains in two hours or at the beach in just 4 hours. It is just the perfect place to live and raise a family. Let me assist you in making Lake Norman your new home!! Frances
Calculated Costs per Share
|
CASH AT CLOSING PER SHARE
|
|
Down Payment
$87,500
|
|
Closing Cost
$26,250
|
|
Reserve Fund Deposit
$13,125
|
|
Total Cash at Closing
$126,875
|
This is an estimate of the amount of cash needed when closing on the purchase of a property financed with a 30 year Mortgage at 8.0% interest rate.
Plum’s estimate includes 20% of the value of the house as a down payment, 6% of the value of the house for closing costs (including Plum’s Group Success Fee) and 3% of the value of the house for the initial reserve fund.
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ESTIMATED MONTHLY EXPENSES PER SHARE
|
|
Mortgage Payment
$2,568
|
|
Insurance/Taxes
$474
|
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Repairs
$365
|
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Maintenance
$365
|
|
Utilities
$51
|
|
Cleaning
$28
|
|
Total Expenses
$3,851
|
|
ESTIMATED MONTHLY INCOME PER SHARE
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|
Monthly Income
$4,375
|
|
Total Monthly Income
$4,375
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A good threshold for rental property investment is the 1% Rule (source). It states that you should only invest in rental property if you are reasonably confident that the property can rent for 1% of the sale price per month.
We’ve included that assumption here. It is critical that the group validate pricing, rental history, and future rental projections of any specific property before proceeding with a purchase. You can explore rental incomes of any property with this free estimation tool at Rabbu.com.