Oceanfront Holden Beach Large Luxury
$2,650,000
target home price
$331,250
cost per share
$2,935 / mo
estimated costs
$3,313 / mo
monthly income
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CASH AT CLOSING PER SHARE
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Down Payment
$66,250
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Closing Cost
$19,875
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Reserve Fund Deposit
$9,938
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Total Cash at Closing
$96,063
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Details
407 Ocean Blvd West, Holden Beach, NC 28462
We have a fantastic, large, 7BR, 8.5BA, oceanfront property right near the boardwalk at Holden Beach. We're interested in the Plum fractional model to sell 7/8 shares in the property so that we can redeploy our equity. The property has a fantastic rental history and is unique in many ways. First, each bedroom has its own en suite bathroom. Plus, there is a full bath outside on the pool deck with hot shower, toilet, etc. Next, the house sleeps 21 guests in 7BRs including 3 master BRs. There is a 35x15 heated pool and hot tub. The house is an inverted floor plan with amazing views of the Atlantic. The house has an elevator, 2 full sized refrigerators, HDTVs in every bedroom, 2 sunrooms, and covered parking. Plus there is a mini-gym (weight room) on the lower floor and a workshop for minor onsite maintenance and repairs.
Rental History:
In 2023 gross is right around $210k with an NOI of $106k. Prop mgmt fees are in expenses. $22k
38 weeks booked. 80% of annual comes in peak 13 weeks. $14.5k per week peak includes PM and $965 for linens, towels, and cleaning
House Usage
- 8 shares total
- 6 weeks a year per share
About the Organizer
We are the Banks family from Charlotte, NC. Our immediate family includes our kids Mary Elizabeth (30), John (28), and Caroline (17), grandson Gohan (4), dogs Callie and Lady, and our cat, Frank. We’ve been spending summer vacations at Holden Beach since 2005 and it has become a tradition for us, our kids, and other relatives to reunite and spend a week there each year. Holden has become our second home in more ways than one.We acquired our amazing house in 2021 and have enjoyed using it over the cooler months as much as during the summer! In November of 2022, we hosted an 80th birthday celebration for Eric’s dad in which his 8 siblings from all over country converged at our house for a huge surprise party.Our favorite Holden Beach activities include golf, biking, running, wave riding, morning and evening (moonlit) walks on the beach, spending hours by the pool, playing games, and cooking for the group! We’ve recently rented a pontoon boat, at Holden Beach Marina, and traveled the intracoastal up and down to Southport and Ocean Isle Beach. Eric recently added a small weight room in the lower level for another fitness option.
Amenities
- Fire place
- Hot tub
- Pool
- Waterfront
House Rules
- No pets
- No firearms allowed
- Short term renting permitted
Ask A Question
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Calculated Costs per Share
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CASH AT CLOSING PER SHARE
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Down Payment
$66,250
|
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Closing Cost
$19,875
|
|
Reserve Fund Deposit
$9,938
|
|
Total Cash at Closing
$96,063
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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.
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ESTIMATED MONTHLY EXPENSES PER SHARE
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Mortgage Payment
$1,944
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Insurance/Taxes
$359
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Repairs
$276
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Maintenance
$276
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Utilities
$51
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Cleaning
$28
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Total Expenses
$2,935
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ESTIMATED MONTHLY INCOME PER SHARE
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Monthly Income
$3,313
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Total Monthly Income
$3,313
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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.