Lake Michigan Sunset Home
adjust possible shares to see calculations for more or less people
$2,250,000
target home price
$562,500
cost per share
$5,008 / mo
monthly cost
|
CASH AT CLOSING PER SHARE
|
|
Down Payment
$112,500
|
|
Closing Cost
$33,750
|
|
Reserve Fund Deposit
$16,875
|
|
Total Cash at Closing
$163,125
|
Details
3 bedrooms
| 3 bath
| 2,418
sqft
Set in the heart of New Buffalo, only 5 minutes from the marina, restaurants, and shops, with 95 feet of private Lake Michigan frontage, this outstanding lakefront is THE place to design & plan the home of your dreams while living in an updated California-style ranch home. Open concept, hardwoods, gas fireplace, & updated kitchen, this well-appointed beach house has three bedrooms, 2.5 baths & includes many smart home features for easy living. New seawall completed in 2021, washer/dryer, HVAC, irrigation system, & new garage doors. The large lower level can be enjoyed as a family or game room. Expansive deck includes an area for dining, relaxing, & grilling while enjoying the incredible views of the lake & legendary Michigan sunsets. plenty of room for a pool, firepit, or enjoy the lawn.
House Usage
- 4 shares total
- 13 weeks a year per share
Amenities
- Fire place
- Porch
- Waterfront
- Basement
About the Agent
Liz Roch
@properties
Liz Roch
@properties
Liz Roch, with @properties, has built a reputation for providing a fresh approach to real estate sales in Harbor Country. Through hard work, dependability, and an unwavering commitment to the needs and goals of her clients, Liz consistently exceeds her clients’ expectations. A proven consultant and negotiator, Liz’s focus is on making the process simple, productive, and positive. A consistent top performer, Liz brings a patient, thorough, and responsive style to all of her listings. A skilled listener and communicator, she gets right to the heart of the home.Originally from Glen Ellyn, Liz still has close ties to Chicago and the surrounding area. In 2004, after living and working in the Streeterville neighborhood of Chicago, Liz and her husband Doug, purchased a second home in the Riviera neighborhood of New Buffalo Township. It wasn't long before they decided to settle in and raise their children in New Buffalo. Liz is active in the community, sharing her time with the New Buffalo Area Schools and the Riviera Homeowners’ Association. She and her family spend their free time boating, wakeboarding, riding bikes, walking the beach, and fully enjoying the relaxed lifestyle that Harbor Country has to offer.
Calculated Costs per Share
|
CASH AT CLOSING PER SHARE
|
|
Down Payment
$112,500
|
|
Closing Cost
$33,750
|
|
Reserve Fund Deposit
$16,875
|
|
Total Cash at Closing
$163,125
|
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.
|
ESTIMATED MONTHLY EXPENSES PER SHARE
|
|
Mortgage Payment
$3,302
|
|
Insurance/Taxes
$609
|
|
Repairs
$469
|
|
Maintenance
$469
|
|
Utilities
$103
|
|
Cleaning
$56
|
|
Total Expenses
$5,008
|
|
ESTIMATED MONTHLY INCOME PER SHARE
|
|
Monthly Income
$5,625
|
|
Total Monthly Income
$5,625
|
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.