Stone Harbor Classic - 10605 1st Ave, Stone Harbor, NJ
adjust possible shares to see calculations for more or less people
$3,675,000
target home price
$918,750
cost per share
$8,078 / mo
monthly cost
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CASH AT CLOSING PER SHARE
|
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Down Payment
$183,750
|
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Closing Cost
$55,125
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Reserve Fund Deposit
$27,563
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Total Cash at Closing
$266,438
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Details
4 bedrooms
| 4 bath
Welcome to this charming, updated Stone Harbor shore home -- this is a rare opportunity for the perfect -sought after Stone Harbor location-- 4 homes to the beach path, full size 50x110 lot with ocean views. The 100th-111th St. blocks are highly desired as they are close enough to walk to all the shops and restaurants in town, but removed from the midst of the high activity areas. Don't wait, make your appointment to see this traditional Stone Harbor house which has been updated with modern features while maintaining it's old town appeal. And for after beach and island activities there is a beautiful new full size back yard in-ground heated pool with privacy landscaping and fencing. IMPROVEMENTS: 2022 --All NEW/updated BATHS (one newly created, 3 others fully updated); 2018-2021 --NEW HVAC , mechanicals/electrical; 2018 -- NEW rear yard pool, paving, landscaping and fencing; 2007--NEW ROOF; 2012--NEW Kitchen appliances and counters and NEW exterior decks with Azek railings. LAYOUT -- FIRST FLOOR- 3 BEDROOMS-(2 BRS + family room/5th BR with sliders to front porch); 2 full baths, ample sized laundry room with exterior entrance on the north side by the outdoor shower, several large storage closets. SECOND FLOOR- (2brs/2 fbs) master ensuite br and 2nd large king BR-both of which have doors to outdoor 2nd floor deck overlooking pool and back yard, full hall bath, open kitchen-dining-living area - large front deck for dining and lounging with views of ocean through rear yard setbacks on beach block. Plenty of storage closets and space on 2nd floor as well with walk-in closet in master , pull down attic, large linen closet and huge pantry off kitchen. Garage -ONE+ car garage , auto overhead door, plenty of room for beach gear, bikes, kayaks, and a car! FINANCING: If looking for investment option -- leasing full season, the property can yield $150K/season in gross rents, VERY LOW maintenance property maximizes net income!
House Usage
- 4 shares total
- 13 weeks a year per share
Amenities
- Fire place
- Pool
- Porch
About the Agent
Christine Corbo
Long and Foster Real Estate
Christine Corbo
Long and Foster Real Estate
I am a graduate of Villanova University, College of Commerce & Finance - 1985I spent the early part of my career, 15+ years, working for Otis Elevator Co. They are part of the global conglomerate United Technologies Corp. My roles for Otis ranged from Sales Rep. to multiple Branch Manager to Account Executive. I had extensive professional managerial, sales and project management training through Otis/UTC while employed with them. I worked in that commercial residential/construction industry from 1986-1995...and then went back from 2002-2004. In the interim years I had my children, transferred locations from Atlantic City out to Las Vegas for a few years and then back to Atlantic City in 2000.When I moved to Avalon in 2004 I decided that I wanted to be in a local business, spend fewer hours traveling during the week and real estate was and is the perfect fit for me. I have had my Realtor's license since 2005 and been working full time since 2010, I earned my Broker's license in 2014, additionally I am BPOR certified (Broker's Price Opinion Resource).I love all aspects of the real estate business, it's more of a passion than a job, so I'm lucky in that respect. I'm always happy to assist, call or email me any time...no buyer or seller is more important than another, I treat all my clients as individuals and strive to meet the specific goals of each with the same energy and focus.
Calculated Costs per Share
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CASH AT CLOSING PER SHARE
|
|
Down Payment
$183,750
|
|
Closing Cost
$55,125
|
|
Reserve Fund Deposit
$27,563
|
|
Total Cash at Closing
$266,438
|
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
$5,393
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Insurance/Taxes
$995
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Repairs
$766
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Maintenance
$766
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Utilities
$103
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Cleaning
$56
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Total Expenses
$8,078
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ESTIMATED MONTHLY INCOME PER SHARE
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Monthly Income
$9,188
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Total Monthly Income
$9,188
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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.