adjust possible shares to see calculations for more or less people
$8,400,000
target home price
$840,000
cost per share
$7,304 / mo
monthly cost
Active
status
|
CASH AT CLOSING PER SHARE
|
|
Down Payment
$168,000
|
|
Closing Cost
$50,400
|
|
Reserve Fund Deposit
$25,200
|
|
Total Cash at Closing
$243,600
|
Details
8 bedrooms
| 9 bath
| 5,593
sqft
Welcome to ''Broadfoot Cottage,'' a spectacular beachfront property in the heart of Wrightsville Beach. The residence stands out as one of the crown jewels of ocean front real estate in North Carolina. This exceptional home is a rare combination of quality construction, an ideal setting, and an established financial success as a vacation rental.
With its endless water views, the rare R-2 lot is buffered from the ocean by a line of deep dunes. A private path provides easy access to the beach. And though the home is located on a quiet street, the shops, restaurants and nightlife of town are a short walk away. The lush grounds of the property envelope an in ground spa and pool- which can be cooled or heated based on the season.
The spacious and well maintained house spans over 5550 square feet, striking a balance of luxury and comfort. Two large primary suites open to a deep ocean front porch. Four additional bedrooms with ensuite baths provide ample space for family and guests. The top floor features two bunk rooms, a billiards room, den and 1.5 baths. The main level is the soul of the home. The large kitchen is an elegant workhorse. Equipped with double refrigerators, dishwashers, ovens, and plenty of prep room, the space is perfect for preparing relaxed family meals or elaborate get-togethers. The top notch kitchen opens to a spacious living room, formal dining area and breakfast room, all of which open onto another ocean front porch.
Though the home is an ideal family beach retreat, it is also an established and lucrative rental property with a remarkable financial history. The property has been up-fitted to high standards and its management has been fine tuned to consistently accommodate quality renters, many of whom return year after year. The property is offered fully furnished. Some additional features include: laundry room, office, Irrigation system, landscape lighting, commercial ice maker, 2 wet bars, built in speakers. and Nest thermostats.
House Usage
- 10 shares total
- 5 weeks a year per share
Calculated Costs per Share
|
CASH AT CLOSING PER SHARE
|
|
Down Payment
$168,000
|
|
Closing Cost
$50,400
|
|
Reserve Fund Deposit
$25,200
|
|
Total Cash at Closing
$243,600
|
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
$4,931
|
|
Insurance/Taxes
$910
|
|
Repairs
$700
|
|
Maintenance
$700
|
|
Utilities
$41
|
|
Cleaning
$23
|
|
Total Expenses
$7,304
|
|
ESTIMATED MONTHLY INCOME PER SHARE
|
|
Monthly Income
$8,400
|
|
Total Monthly Income
$8,400
|
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
- Virginia Christopher Properties
- Last updated at
- January 13th, 2024
- List Agent
- Listings Access
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