adjust possible shares to see calculations for more or less people
$1,590,000
target home price
$159,000
cost per share
$1,434 / mo
monthly cost
Active
status
|
CASH AT CLOSING PER SHARE
|
|
Down Payment
$31,800
|
|
Closing Cost
$9,540
|
|
Reserve Fund Deposit
$4,770
|
|
Total Cash at Closing
$46,110
|
Details
5 bedrooms
| 5 bath
| 2,601
sqft
Amazing opportunity to own a 5 bedroom, 4 1/2 bath, reverse floor plan home with views of South Beach. The welcoming foyer has plenty of room to create a drop zone for all your beach gear. There are two bedrooms on this level, one that could be used as a primary suite with a full bathroom attached. The other accesses a full hall bathroom. Both downstairs bedrooms flow to a screened porch. Upstairs has a souring vaulted ceiling with a large open concept living room, dining area and kitchen. There is an open eating deck off the back that leads down the steps to the grill. The front sunroom offers views of South Beach. There is another primary suite with a full bathroom attached that also has ocean views and two more bedrooms (one a bunk room) share a full bath. There is also a half bathroom on this level. Outside there is a screened gazebo. An Equity Lifestyle Membership to the Bald Head Island Club and a Shoals Club membership are available for separate purchase. Home sells furnished with 2 golf carts.
House Usage
- 10 shares total
- 5 weeks a year per share
Calculated Costs per Share
|
CASH AT CLOSING PER SHARE
|
|
Down Payment
$31,800
|
|
Closing Cost
$9,540
|
|
Reserve Fund Deposit
$4,770
|
|
Total Cash at Closing
$46,110
|
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
$933
|
|
Insurance/Taxes
$172
|
|
Repairs
$133
|
|
Maintenance
$133
|
|
Utilities
$41
|
|
Cleaning
$23
|
|
Total Expenses
$1,434
|
|
ESTIMATED MONTHLY INCOME PER SHARE
|
|
Monthly Income
$1,590
|
|
Total Monthly Income
$1,590
|
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
- Landmark Sotheby's International Realty
- Last updated at
- October 23rd, 2024
- List Agent
- Listings Access
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