Carolina Beach Coastal Getaway
$1,000,000
target home price
$250,000
cost per share
$2,314 / 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
|
|
Reserve Fund Deposit
$7,500
|
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Total Cash at Closing
$72,500
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Details
Looking for an NC beach house anywhere from Topsail to Oak Island with 4 bedrooms around the $1 million price range.
We're excited about pulling together an investment group that blends together personal usage and vacation rentals. When looking for homes, it's not crucial that they are waterfront and when it comes to amenities, we're pretty flexible as well.
House Usage
- 4 shares total
- 13 weeks a year per share
About the Organizer
We're two parties who met through Plum CoOwnership. We've included a little bit about each of us below:
Hey name is Marc. I'm originally from Boston but now reside in Grand Rapids, Michigan. Although it's a plane ride away, my family & I have always loved vacationing in NC. Following building and selling a digital agency, the door has opened to the possibility of owning a vacation home in the area. Due to the fact that I will be flying in from Michigan, being within 45 minutes of the airport is super important to me. Beyond that, I am pretty open to various options.
Hi! We are Mark and Jenn. We're local to the Raleigh area and are hoping to find a beach home within driving distance. We have current interest from Topsail to Oak Island. Our family is made up of us, our younger kids & our furry friends so hoping to align with other co-owners who have the same values that we do :)
Amenities
- Porch
House Rules
- Only dogs allowed
- No firearms allowed
- Short term renting permitted
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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
$103
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Cleaning
$56
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Total Expenses
$2,314
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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.