adjust possible shares to see calculations for more or less people
$1,460,000
target home price
$365,000
cost per share
$3,305 / mo
monthly cost
Active
status
|
CASH AT CLOSING PER SHARE
|
|
Down Payment
$73,000
|
|
Closing Cost
$21,900
|
|
Reserve Fund Deposit
$10,950
|
|
Total Cash at Closing
$105,850
|
Details
5 bedrooms
| 6 bath
| 2,476
sqft
Location is everything, as they say! This awesome home is situated on the second row at Ocean Isle Beach, with ocean views and within walking distance of everything that the island offers, including multiple restaurants, the fishing pier, mini golf/arcade, and the town park. As soon as you pull into the driveway, you will notice there is ample parking, which is something not every house at the beach has. Once inside, you will appreciate how well this home has been maintained and find a very functional floorplan. There are 3 guest rooms on the first level with a casual living room. Upstairs there are 2 more bedrooms and a large kitchen and dining area that is open to the living room. There is also a half bath on each level. All of the flooring throughout has been replaced in recent years with the carpet just being installed in September 2023. Both of the HVAC units have been replaced recently as well. The balconies on the front of the house are oversized and perfect for enjoying the ocean breezes and soaking in sunrises & sunsets. Last but certainly not least, you will enjoy your own private pool in the backyard. There is plenty of patio space around the pool and an outdoor shower. This home is sold furnished and ready for your enjoyment right away. There is established rental history as the owners have rented this home during the summer months. Come make this amazing house yours and start making memories.
House Usage
- 4 shares total
- 13 weeks a year per share
Calculated Costs per Share
|
CASH AT CLOSING PER SHARE
|
|
Down Payment
$73,000
|
|
Closing Cost
$21,900
|
|
Reserve Fund Deposit
$10,950
|
|
Total Cash at Closing
$105,850
|
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
$2,143
|
|
Insurance/Taxes
$395
|
|
Repairs
$304
|
|
Maintenance
$304
|
|
Utilities
$103
|
|
Cleaning
$56
|
|
Total Expenses
$3,305
|
|
ESTIMATED MONTHLY INCOME PER SHARE
|
|
Monthly Income
$3,650
|
|
Total Monthly Income
$3,650
|
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
- The Saltwater Agency
- Last updated at
- October 3rd, 2023
- List Agent
- Listings Access
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