Lake Living in the Mountains of North Georgia
adjust possible shares to see calculations for more or less people
$1,275,000
target home price
$318,750
cost per share
$2,906 / mo
monthly cost
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CASH AT CLOSING PER SHARE
|
|
Down Payment
$63,750
|
|
Closing Cost
$19,125
|
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Reserve Fund Deposit
$9,563
|
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Total Cash at Closing
$92,438
|
Details
4 bedrooms
| 4 bath
This spacious home offers an open floor plan, 4 bedrooms + a bonus room, 4 bathrooms, great room, kitchen with granite counters, large pantry, oak flooring, stone gas log fireplace, vaulted ceiling, 3 bedrooms including the master on the upper level, 2 bedrooms on the lower level, 2nd full kitchen on the lower level, game room, security system, tons of storage, open air & covered screened-in trex decking, court yard garden, gentle back yard to the covered single slip boat dock, 2 car garage and conveniently located minutes from downtown
House Usage
- 4 shares total
- 13 weeks a year per share
Amenities
- Dock
- Porch
- Waterfront
About the Agent
Jim Andrews
CENTURY 21 Black Bear Realty
Jim Andrews
CENTURY 21 Black Bear Realty
As a sales associate affiliated with CENTURY 21 Black Bear Realty, I am here to help you buy or sell a home..AWARDS2021 - Masters Ruby2020 - Masters Emerald
Calculated Costs per Share
|
CASH AT CLOSING PER SHARE
|
|
Down Payment
$63,750
|
|
Closing Cost
$19,125
|
|
Reserve Fund Deposit
$9,563
|
|
Total Cash at Closing
$92,438
|
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
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Mortgage Payment
$1,871
|
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Insurance/Taxes
$345
|
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Repairs
$266
|
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Maintenance
$266
|
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Utilities
$103
|
|
Cleaning
$56
|
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Total Expenses
$2,906
|
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ESTIMATED MONTHLY INCOME PER SHARE
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Monthly Income
$3,188
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Total Monthly Income
$3,188
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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.