adjust possible shares to see calculations for more or less people
$1,795,000
target home price
$179,500
cost per share
$1,611 / mo
monthly cost
Active
status
|
CASH AT CLOSING PER SHARE
|
|
Down Payment
$35,900
|
|
Closing Cost
$10,770
|
|
Reserve Fund Deposit
$5,385
|
|
Total Cash at Closing
$52,055
|
Details
5 bedrooms
| 5 bath
| 2,435
sqft
COASTAL HAVEN! Nestled in a grove of breathtaking palm trees in prestigious Creek Estates, you will find this like-new, tastefully furnished, 5 bedroom, 4.5 bath beauty, featuring a main house and attached guest house. Its central location, within minutes to the market, beaches, BHI Club and chapel, makes it ideal to enjoy all the island has to offer. Sit and relax amidst the soothing breezes on one of the large porches, which connect the main house and guest house, making it the perfect layout for large/multiple families, weddings and groups. The main house, featuring a reverse floor plan, has three bedrooms on the lower level, all with attached full baths. The main living area on the second floor is full of natural light, with high, beamed ceilings and a fully equipped gourmet kitchen, including adjoining dining area, family room and powder room. Enjoy morning coffee or dinner al fresco on the upper level deck, which is complete with a gas grill and outdoor eating space overlooking the lush sanctuary near the creek. The guest house contains one bedroom on each level; downstairs houses the master suite and upstairs is a bunk room, perfect for multiple children or can serve as a third master, both with an en suite full bath. Additional amenities include: 2 four-seater golf carts in dedicated garage bays, enclosed outdoor shower, storage area with bikes/beach gear, and full-size washer/dryer in the laundry room. This well-appointed home has been professionally decorated by the interior designer owner and fully stocked for families and entertaining for all occasions. The home has produced over 100K in rental income each year over the last three years. Don't miss the opportunity to jump on this classic coastal beauty and make this YOUR Coastal Haven! Tastefully furnished with two golf carts. An Equity House Membership to the BHI Club is available for separate purchase.
House Usage
- 10 shares total
- 5 weeks a year per share
Calculated Costs per Share
|
CASH AT CLOSING PER SHARE
|
|
Down Payment
$35,900
|
|
Closing Cost
$10,770
|
|
Reserve Fund Deposit
$5,385
|
|
Total Cash at Closing
$52,055
|
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
$1,054
|
|
Insurance/Taxes
$194
|
|
Repairs
$150
|
|
Maintenance
$150
|
|
Utilities
$41
|
|
Cleaning
$23
|
|
Total Expenses
$1,611
|
|
ESTIMATED MONTHLY INCOME PER SHARE
|
|
Monthly Income
$1,795
|
|
Total Monthly Income
$1,795
|
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
- February 15th, 2024
- List Agent
- Listings Access
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