adjust possible shares to see calculations for more or less people
$3,750,000
target home price
$937,500
cost per share
$8,240 / mo
monthly cost
Active
status
|
CASH AT CLOSING PER SHARE
|
|
Down Payment
$187,500
|
|
Closing Cost
$56,250
|
|
Reserve Fund Deposit
$28,125
|
|
Total Cash at Closing
$271,875
|
Details
6 bedrooms
| 9 bath
| 6,238
sqft
Oceanfront ''Bliss by the Beach'' with a pool, hot tub and amazing water views in all directions! Fully furnished home has an elevator to all floors, handicap accessible suite and ramp, and is also a proven vacation rental! Recent updates include: freshly painted exterior in a gorgeous sea color; replacement of all HVAC units; added a hot tub; changed some furniture, sofas, bedspreads, artwork; added a fence for pool and a new grill; replaced all TV's. Great spaces inside and out make this home a true gem with plenty of room to gather or spread out and find a quiet spot to enjoy the ocean breezes. Top floor offers four bedroom and bath suites for multiple primary suites, a flexible use room, oceanside balcony and a covered porch over looking the water. Second floor features: a spacious oceanview living room with a fireplace and built-ins; a dedicated dining space with waterviews; a gourmet kitchen with island seating and double the stainless steel appliances; den or home office; two additional guest bedrooms; baths and a 1/2 bath for guests. Large waterside decking extends the living space to capture ocean breezes and tranquil views. The first floor recreation room has a wet-bar; a media room for movie nights; a full bath; large walk-in closet for storage and oceanside decking to the patio surrounding the inground pool. Outdoor spaces really shine with: handicap accessible ramp; ample covered porches, balconies, patio, in-ground swimming pool with fencing, boardwalk to the beach and a carport for parking. This home is a must-see for enjoying the coastal life-style! Notes: Please see the attorney drafted document concerning the ocean frontage; the linens do not convey.
House Usage
- 4 shares total
- 13 weeks a year per share
Calculated Costs per Share
|
CASH AT CLOSING PER SHARE
|
|
Down Payment
$187,500
|
|
Closing Cost
$56,250
|
|
Reserve Fund Deposit
$28,125
|
|
Total Cash at Closing
$271,875
|
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
$5,503
|
|
Insurance/Taxes
$1,016
|
|
Repairs
$781
|
|
Maintenance
$781
|
|
Utilities
$103
|
|
Cleaning
$56
|
|
Total Expenses
$8,240
|
|
ESTIMATED MONTHLY INCOME PER SHARE
|
|
Monthly Income
$9,375
|
|
Total Monthly Income
$9,375
|
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
- Keller Williams Crystal Coast
- Last updated at
- June 18th, 2024
- List Agent
- Listings Access
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