Groovy Mid-Century Modern Oceanfront House in NC
$2,000,000
target home price
$250,000
cost per share
$2,234 / mo
estimated costs
$2,500 / mo
monthly income
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CASH AT CLOSING PER SHARE
|
|
Down Payment
$50,000
|
|
Closing Cost
$15,000
|
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Reserve Fund Deposit
$7,500
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Total Cash at Closing
$72,500
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Details
129 Dogwood Cir, Pine Knoll Shores, NC 28512
This beautiful oceanfront home is located in a secluded area nestled within the live oaks of Pine Knoll Shores, NC.
Enjoy your evenings out on the oceanfront deck with a beverage waiting to watch the Green Flash phenomena that takes place at sunset just before dark. This home features: a split floor plan with a large living room and kitchen, private hot tub and tranquil ocean views from all bedrooms.
The property has a proven rental history since it was put into service in 2021, grossing just over 80K per year. Don't miss out on your opportunity of partial ownership of The Green Flash!
House Usage
- 8 shares total
- 6 weeks a year per share
About the Organizer
I, Holly, am a environmental scientist by day and historic home renovator in my free time. I am from California originally, but also have family ties in New Bern, which brought us to live in Durham, NC, now home for my two daughters (10, and 12) and myself. The Green Flash has been a quiet respite, within an easy distance from home, where we come to enjoy the natural beauty, outdoors, and the healthy ocean lifestyle we love. We would like to share this investment property, joys and responsibilities (!), keep renting if it makes sense, and continue to enjoy our time when we visit. Please contact me with any questions you may have! All the best, Holly
Amenities
- Dock
- Hot tub
- Porch
- Waterfront
House Rules
- Only dogs allowed
- 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
$50,000
|
|
Closing Cost
$15,000
|
|
Reserve Fund Deposit
$7,500
|
|
Total Cash at Closing
$72,500
|
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
$1,468
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Insurance/Taxes
$271
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Repairs
$208
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Maintenance
$208
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Utilities
$51
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Cleaning
$28
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Total Expenses
$2,234
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ESTIMATED MONTHLY INCOME PER SHARE
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Monthly Income
$2,500
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Total Monthly Income
$2,500
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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.