Wrightsville Beach Heaven
$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
I am looking for a house with a minimum of 4 bedrooms and three baths within a short walk to the beach. Outdoor space for after the beach is preferred.
Ideally, each owner would be given two weeks usage at a time during the summer months and I'm open to between 6 & 8 co-owners.
Renting when not occupied by owners makes sense!
House Usage
- 8 shares total
- 6 weeks a year per share
About the Organizer
Hey everyone, my name is Carol. I tend to do a lot of active travel throughout the year, but during the summer, the beach is my favorite getaway. My family, which now includes my adult children and their significant others, joins me at Wrightsville Beach each summer. We love the togetherness, from working out in the morning to a long day on the beach, followed by cocktails and dinner. I love to cook, so a nice kitchen makes it even more special.
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
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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
$1,468
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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.