Outer Banks Pet-Friendly Paradise
$1,100,000
target home price
$183,333
cost per share
$1,686 / mo
estimated costs
$1,833 / mo
monthly income
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CASH AT CLOSING PER SHARE
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Down Payment
$36,667
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Closing Cost
$11,000
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Reserve Fund Deposit
$5,500
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Total Cash at Closing
$53,167
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Details
Open to anywhere in the Outer Banks including Hatteras, Kitty Hawk, Frisco, Duck, etc. While rental income would certainly be a welcome addition, it's not an absolute necessity for our ideal home. However, one non-negotiable aspect for us is having dogs as part of our household. Additionally, we would prefer a home that comes already furnished, saving us the hassle of buying new furniture. A grill would be a nice bonus, as we enjoy outdoor cooking, and an updated kitchen would be highly desirable for our daily needs. Perhaps, if possible, a firepit in the backyard could add to our overall enjoyment of the property.
House Usage
- 6 shares total
- 8 weeks a year per share
About the Organizer
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 in the Outer Banks and Emerald Isle but are open to other places that still fit our criteria. 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
- 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
$36,667
|
|
Closing Cost
$11,000
|
|
Reserve Fund Deposit
$5,500
|
|
Total Cash at Closing
$53,167
|
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
$1,076
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Insurance/Taxes
$199
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Repairs
$153
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Maintenance
$153
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Utilities
$68
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Cleaning
$38
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Total Expenses
$1,686
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ESTIMATED MONTHLY INCOME PER SHARE
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Monthly Income
$1,833
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Total Monthly Income
$1,833
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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.