adjust possible shares to see calculations for more or less people
$1,995,000
target home price
$199,500
cost per share
$1,783 / mo
monthly cost
Active
status
|
CASH AT CLOSING PER SHARE
|
|
Down Payment
$39,900
|
|
Closing Cost
$11,970
|
|
Reserve Fund Deposit
$5,985
|
|
Total Cash at Closing
$57,855
|
Details
5 bedrooms
| 5 bath
| 2,943
sqft
Large ocean view home on Black Skimmer Trail. This home is 2943 heated sq ft and has 5 bedrooms and elevator. Many decks with covered porches. This home is new construction and is a reverse floor plan to take advantage of the views. Inside the home you will find granite counter tops, 5 inch crown moldings, LVT and ceramic tile flooring, stainless steel appliances, ceramic tile in baths. Pilings have been delivered to the homesite to begin construction. Estimated completions date July 2023.
House Usage
- 10 shares total
- 5 weeks a year per share
Calculated Costs per Share
|
CASH AT CLOSING PER SHARE
|
|
Down Payment
$39,900
|
|
Closing Cost
$11,970
|
|
Reserve Fund Deposit
$5,985
|
|
Total Cash at Closing
$57,855
|
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
$1,171
|
|
Insurance/Taxes
$216
|
|
Repairs
$166
|
|
Maintenance
$166
|
|
Utilities
$41
|
|
Cleaning
$23
|
|
Total Expenses
$1,783
|
|
ESTIMATED MONTHLY INCOME PER SHARE
|
|
Monthly Income
$1,995
|
|
Total Monthly Income
$1,995
|
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.
- List Company
- Atlantic Realty Professionals, Inc
- Last updated at
- August 17th, 2023
- List Agent
- Listings Access
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