adjust possible shares to see calculations for more or less people
$975,000
target home price
$97,500
cost per share
$904 / mo
monthly cost
Active
status
|
CASH AT CLOSING PER SHARE
|
|
Down Payment
$19,500
|
|
Closing Cost
$5,850
|
|
Reserve Fund Deposit
$2,925
|
|
Total Cash at Closing
$28,275
|
Details
5 bedrooms
| 4 bath
| 2,828
sqft
Welcome to Wave Manor. Situated between 2 beach access ( Baltic St and Admiral St), 3 lots from the Ocean makes this an easy walk or bikeride. This coastal Beach home is the perfect destination for a vacation home, rental or primary residence. Sold fully furnished this is a turnkeyhome. Easy to enjoy the ocean views from the crows nest. The second floor has 4 bedrooms with Decks on front; side decks on the second and third floor. The Library and Garage have been enclosed to feature a Game room (this is not in square footage of home). .The third floor Gourmetkitchen boasts of stainless steel appliances, granite countertops, breakfast bar and spacious dining area. All this is open to the Great Room. Thelarge sunroom in the front of the home faces the ocean. The partially fenced backyard sports a newly installed jacuzzi sitting on a paver patio torelax. This home is situated between highways, an easy walk to grocery stores, restaurants and more. Showings on Saturday turnover day.Call to set up an appointment. The Ground Level offers a lovely Entry Foyer, large Game Room, cozy Den, Utility Room, Full Bath and a bonusroom. The backyard is neat and landscaped with a sprinkler system. The home is being sold fully furnished. Recent improvements include:New HVAC units (inside & out) 2015, Roof installed 2016, exterior stairs replaced 2016, Oven/range replaced in 2015, newer Dishwasher &Microwave 2017 and windows updated to Vinyl windows. 2023 Installed New rear paver patio and walkway to new Jacuzzi/Hot Tub, 5 new smart flat screen TV's, all shower valves, all lighting upgraded to LED's, replaced 3rd floor French door to Vinyl Low E Sliding doors, Replace bad parts in vinyl front windows, (note; there are 5 fogged windows on order for replacement), replace deck and stair rails as needed, and replaced outside shower door.
Home was VRBO $63703.18 for 2021 and
$73,822.12 for 2022
House Usage
- 10 shares total
- 5 weeks a year per share
Calculated Costs per Share
|
CASH AT CLOSING PER SHARE
|
|
Down Payment
$19,500
|
|
Closing Cost
$5,850
|
|
Reserve Fund Deposit
$2,925
|
|
Total Cash at Closing
$28,275
|
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
$572
|
|
Insurance/Taxes
$106
|
|
Repairs
$81
|
|
Maintenance
$81
|
|
Utilities
$41
|
|
Cleaning
$23
|
|
Total Expenses
$904
|
|
ESTIMATED MONTHLY INCOME PER SHARE
|
|
Monthly Income
$975
|
|
Total Monthly Income
$975
|
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
- A Better Way Realty, Inc.
- Last updated at
- March 7th, 2024
- List Agent
- Listings Access
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