Village Home Blocks from the Beach
adjust possible shares to see calculations for more or less people
$999,950
target home price
$249,987
cost per share
$2,314 / mo
monthly cost
|
CASH AT CLOSING PER SHARE
|
|
Down Payment
$49,998
|
|
Closing Cost
$14,999
|
|
Reserve Fund Deposit
$7,500
|
|
Total Cash at Closing
$72,497
|
Details
4 bedrooms
| 4 bath
| 2,715
sqft
Welcome to 20585 Quillen Road - incredible investment opportunity or use yourself! Conveniently located only 9 blocks to the ocean and Rehoboth Beach attractions. Welcoming front porch leads into light filled foyer. Foyer is flanked by dining room on the left and office on the right. The open kitchen and great room lead out to the screened porch and back yard. Great room features hardwood flooring and gas fireplace. Kitchen opens to a back sunroom or dining area. Back sunroom or dining area also opens to screened porch. Laundry room and powder room located on first level. Storage shed located in back yard for your bikes and beach chairs. Patio off screen porch has awnings as well. Second level features four bedrooms and three full bathrooms. The large master suite has a sitting room and deck. Tenant moved out July 31st. Bedroom two and three share a jack and jill bathroom. Bedroom four also has an ensuite bathroom. Wide hallway has room for a desk or futon for more guests. The office could easily be turned into bedroom five. Fresh coat of paint and new carpet have been installed. Great AIRBNB rental potential for this property! Quality built home with conditioned crawl space with dehumidifier. No HOA fees or City of Rehoboth taxes! This community has easy access to Thompson Island State Park. Walk or bike to Dewey and Rehoboth beaches, restaurants, and attractions. Start living the Rehoboth Beach lifestyle today!
House Usage
- 4 shares total
- 13 weeks a year per share
Amenities
- Fire place
- Bonus room
- Porch
About the Agent
Kim Hamer
Ocean Atlantic Sotheby’s Intl Realty
Kim Hamer
Ocean Atlantic Sotheby’s Intl Realty
Kim Hamer is a native Delawarean and has been an accomplished real estate agent in Sussex County since 1998. She has been on the Ocean Atlantic Sales team since 2004 and a consistent top producer. Kim is a graduate of the University of Delaware with a Bachelor of Science in Business Administration and major in Finance. She offers 13 years of marketing experience that she gained through her corporate banking job with MBNA. Her extensive marketing and customer service experience, along with her attention Kim Hamer is a native Delawarean and has been an accomplished real estate agent in Sussex County since 1998. She has been on the Ocean Atlantic Sales team since 2004 and a consistent top producer. Kim is a graduate of the University of Delaware with a Bachelor of Science in Business Administration and major in Finance. She offers 13 years of marketing experience that she gained through her corporate banking job with MBNA. Her extensive marketing and customer service experience, along with her attention
Calculated Costs per Share
|
CASH AT CLOSING PER SHARE
|
|
Down Payment
$49,998
|
|
Closing Cost
$14,999
|
|
Reserve Fund Deposit
$7,500
|
|
Total Cash at Closing
$72,497
|
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
|
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Repairs
$208
|
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Maintenance
$208
|
|
Utilities
$103
|
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Cleaning
$56
|
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Total Expenses
$2,314
|
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ESTIMATED MONTHLY INCOME PER SHARE
|
|
Monthly Income
$2,500
|
|
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.