Hyco Lake Cottage
adjust possible shares to see calculations for more or less people
$525,000
target home price
$131,250
cost per share
$1,290 / mo
monthly cost
|
CASH AT CLOSING PER SHARE
|
|
Down Payment
$26,250
|
|
Closing Cost
$7,875
|
|
Reserve Fund Deposit
$3,938
|
|
Total Cash at Closing
$38,063
|
Details
3 bedrooms
| 2 bath
| 1,185
sqft
This cottage is "Cute as a Button" and Move-In Ready. 3 bedrooms, 2 full baths, nice rear deck for entertaining. Freshly painted inside and out in May 2022. Single bay pontoon lift and dock for enjoying the great view of Hyco Lake!!!
House Usage
- 4 shares total
- 13 weeks a year per share
Amenities
- Dock
- Fire place
- Porch
About the Agent
Donna Dunevant
Keller Williams Realty
Donna Dunevant
Keller Williams Realty
Donna Dunevant BROKER-OVER 8 YEARS EXPERIENCE Specialties: Buyer's agentListing agentRelocationFULL-TIME REALTOR/BROKER serving Person County and surrounding areas, SPECIALIST IN HYCO LAKE AND MAYO LAKE PROPERTIES. KW LUXURY AGENT! RECENTLY FEATURED IN NC TOP AGENT MAGAZINE AND RECIPIENT OF REMAX HEADQUARTERS EXECUTUVE CLUB AWARD 2015. PRESTIGIOUS 100% CLUB AWARD 2016, 2017, and 2018. KW SILVER PRODUCTION 2019, DOUBLE GOLD PRODUCTION 2020. TRIPLE GOLD PRODUCTION 2021 Donna looks forward to meeting new clients, assessing their needs, and providing the resources and knowledge needed to prepare their property for sale or find and help them acquire the perfect property!
Calculated Costs per Share
|
CASH AT CLOSING PER SHARE
|
|
Down Payment
$26,250
|
|
Closing Cost
$7,875
|
|
Reserve Fund Deposit
$3,938
|
|
Total Cash at Closing
$38,063
|
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
$770
|
|
Insurance/Taxes
$142
|
|
Repairs
$109
|
|
Maintenance
$109
|
|
Utilities
$103
|
|
Cleaning
$56
|
|
Total Expenses
$1,290
|
|
ESTIMATED MONTHLY INCOME PER SHARE
|
|
Monthly Income
$1,313
|
|
Total Monthly Income
$1,313
|
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.