adjust possible shares to see calculations for more or less people
$1,788,888
target home price
$178,889
cost per share
$1,606 / mo
monthly cost
Active
status
|
CASH AT CLOSING PER SHARE
|
|
Down Payment
$35,778
|
|
Closing Cost
$10,733
|
|
Reserve Fund Deposit
$5,367
|
|
Total Cash at Closing
$51,878
|
Details
3 bedrooms
| 2 bath
| 1,581
sqft
Tucked away in the heart of South Harbor Island, 200 South Channel Drive is a delightful coastal cottage with so much to offer. Built in 1953, this cozy home sits on a generous 6,360-square-foot corner lot, providing plenty of space to enjoy now or plan your future build. The expansive corner lot offers the opportunity to build up to approximately 4,452 heated square feet, with the potential for views of Banks Channel along Lindy Lane.
South Harbor Island is more than just a well-established neighborhood, it's a community where kids ride bikes down quiet streets, neighbors wave hello, and life feels just a little slower and sweeter. South Harbor offers 3 waterfront parks with stair access to put in kayaks, paddle boards, and other water sport toys. These parks also serve as a gathering place for several informal neighborhood events each year. With Wrightsville Beach just a short walk away, this property lets you enjoy the best of coastal living.
House Usage
- 10 shares total
- 5 weeks a year per share
Calculated Costs per Share
|
CASH AT CLOSING PER SHARE
|
|
Down Payment
$35,778
|
|
Closing Cost
$10,733
|
|
Reserve Fund Deposit
$5,367
|
|
Total Cash at Closing
$51,878
|
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
$1,050
|
|
Insurance/Taxes
$194
|
|
Repairs
$149
|
|
Maintenance
$149
|
|
Utilities
$41
|
|
Cleaning
$23
|
|
Total Expenses
$1,606
|
|
ESTIMATED MONTHLY INCOME PER SHARE
|
|
Monthly Income
$1,789
|
|
Total Monthly Income
$1,789
|
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
- Intracoastal Realty Corp
- Last updated at
- January 10th, 2025
- List Agent
- Listings Access
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