Lake Norman Waterfront Luxury
adjust possible shares to see calculations for more or less people
$999,900
target home price
$249,975
cost per share
$2,314 / mo
monthly cost
|
CASH AT CLOSING PER SHARE
|
|
Down Payment
$49,995
|
|
Closing Cost
$14,999
|
|
Reserve Fund Deposit
$7,499
|
|
Total Cash at Closing
$72,492
|
Details
3 bedrooms
| 4 bath
| 2,646
sqft
Enjoy beautiful sunset views on the beach! Better yet, launch your paddleboard or kayak from the beach and paddle your cares away. This Plum is offered by PlumCertified Broker Frances Dawson, who can help your group buy the lake house of your dreams.
Main floor Primary Bedroom with a magnificent Primary Bath, and second bedroom with ensuite bath. Also on the main floor - two story Great Room with built in custom shelving, Dining area, Office with a stunning Murphy Bed and half bath. The upper level features the 3rd bedroom, Bonus Room with closet and full bath. Gourmet kitchen with features such as the dual oven with gas cooktop. Solar panels keep your energy bills low, and the water filtration system removes iron and minerals while keeping the ph balanced. Reflective film on windows reduces late afternoon glare & heat. Beautiful lot with fenced back yard, covered back porch plus patio.
House Usage
- 4 shares total
- 13 weeks a year per share
Amenities
- 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
$49,995
|
|
Closing Cost
$14,999
|
|
Reserve Fund Deposit
$7,499
|
|
Total Cash at Closing
$72,492
|
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
$1,467
|
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Insurance/Taxes
$271
|
|
Repairs
$208
|
|
Maintenance
$208
|
|
Utilities
$103
|
|
Cleaning
$56
|
|
Total Expenses
$2,314
|
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ESTIMATED MONTHLY INCOME PER SHARE
|
|
Monthly Income
$2,500
|
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Total Monthly Income
$2,500
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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.