Coastal California Living
adjust possible shares to see calculations for more or less people
$1,695,000
target home price
$423,750
cost per share
$3,812 / mo
monthly cost
|
CASH AT CLOSING PER SHARE
|
|
Down Payment
$84,750
|
|
Closing Cost
$25,425
|
|
Reserve Fund Deposit
$12,713
|
|
Total Cash at Closing
$122,888
|
Details
3 bedrooms
| 2 bath
| 1,493
sqft
1st time on the market! Corner lot beach house located just blocks from the sand in the very sought-after coastal community of Carpinteria. Newly updated 3-bedroom 2 bath w/ 2 car garage includes fresh interior/exterior paint and carpet. Just a short ride away from downtown which offers a selection of quaint shops and restaurants.
House Usage
- 4 shares total
- 13 weeks a year per share
Amenities
- Fire place
- Porch
About the Agent
Nicole Wesley
Goodwin and Thyne Properties
Nicole Wesley
Goodwin and Thyne Properties
Nicole’s biggest goal after graduating from the University of California at Santa Barbara and going back home to San Diego, was moving back to Santa Barbara! Her time spent in San Diego included managing her husband and 2 children, teaching in the local elementary school, loving real estate, and dreaming about how to get back to Santa Barbara. After many years, she made that happen and was able to move her family back to what really felt like home! Over the years, Nicole’s family encouraged her to join the family business and become a Realtor®, as she comes from a long line of mortgage lenders and real estate agents. Fortunately, her experience working with families in education gave her that special edge of providing the best possible service for her real estate clients. She loves sharing Santa Barbara with her clients, educating them through the home selling and buying process as well as helping them to become very satisfied, happy homeowners!
Calculated Costs per Share
|
CASH AT CLOSING PER SHARE
|
|
Down Payment
$84,750
|
|
Closing Cost
$25,425
|
|
Reserve Fund Deposit
$12,713
|
|
Total Cash at Closing
$122,888
|
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
$2,487
|
|
Insurance/Taxes
$459
|
|
Repairs
$353
|
|
Maintenance
$353
|
|
Utilities
$103
|
|
Cleaning
$56
|
|
Total Expenses
$3,812
|
|
ESTIMATED MONTHLY INCOME PER SHARE
|
|
Monthly Income
$4,238
|
|
Total Monthly Income
$4,238
|
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.