Remodeled Home Walk to Dining, Golf & Spring Training
$1,433,682
target home price
$238,947
cost per share
$2,166 / mo
estimated costs
$2,389 / mo
monthly income
|
CASH AT CLOSING PER SHARE
|
|
Down Payment
$47,789
|
|
Closing Cost
$14,337
|
|
Reserve Fund Deposit
$7,168
|
|
Total Cash at Closing
$69,293
|
Details
This home had a studs-out remodel done in 2022. Major upgrades include all-new, premium finishes, a new roof, new AC, new electrical, new plumbing including the underground plumbing. The yard is low maintenance and setup with sprinklers and automatic irrigation.
The home is located in the Peaceful Valley neighborhood which lives up to it's name. It's a serene mix of established families and ultra high end new construction which has begun to emerge in the neighborhood due to its proximity to the hundreds of restaurants and bars located in Old Town Scottsdale which is only a half of a mile away.
Finally, you can walk to the neighborhood park, The Continental Golf Course and Scottsdale Stadium which plays host to the San Francisco Giants spring training games each year.
The home features 4 large bedrooms and 3 bathrooms including one primary suite with a walk-in closet and en-suite bath. All of the appliances and major finishes are new as of 2022. There is also a detached 300sqft workshop which has been finished out as a fifth bedroom but which is permitted as a workshop
The home is currently operating as a short term rental and it has been themed to meet the needs of the clientele. As a result it comes fully furnished with a property manager already in place. The hot tub in the backyard will convey with the sale as well as the rest of the furnishings all the way down to the dishware and popcorn maker.
The backyard features turf and a large hard-scrapped patio with a large, al-fresco dining area with room for 10. Finally, a pool is being installed during summer 2024 to complete this amazing property. The driveway in front contains parking for 2 cars.
House Usage
- 6 shares total
- 8 weeks a year per share
About the Organizer
My wife and I built this home to be our home away from home (we live in Seattle) and we love the weather of Scottsdale. We absolutely love this neighborhood and we're sad to see it go but we are going to use the funds to buy a larger family home in Seattle. I'm an avid golfer, baseball fan and a foodie, all of which drew me to this location originally.
Amenities
- Hot tub
- Pool
- Porch
House Rules
- Only dogs allowed
- No firearms allowed
- Short term renting permitted
Ask A Question
Calculated Costs per Share
|
CASH AT CLOSING PER SHARE
|
|
Down Payment
$47,789
|
|
Closing Cost
$14,337
|
|
Reserve Fund Deposit
$7,168
|
|
Total Cash at Closing
$69,293
|
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
$1,403
|
|
Insurance/Taxes
$259
|
|
Repairs
$199
|
|
Maintenance
$199
|
|
Utilities
$68
|
|
Cleaning
$38
|
|
Total Expenses
$2,166
|
|
ESTIMATED MONTHLY INCOME PER SHARE
|
|
Monthly Income
$2,389
|
|
Total Monthly Income
$2,389
|
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.