"The Keep" - Best spot on Bald Head Island
$900,000
target home price
$450,000
cost per share
$4,512 / mo
estimated costs
$4,500 / mo
monthly income
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CASH AT CLOSING PER SHARE
|
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Down Payment
$90,000
|
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Closing Cost
$27,000
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Reserve Fund Deposit
$13,500
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Total Cash at Closing
$130,500
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Details
5 Old Baldy Ct., Bald Head Island, NC 28461
4 BR, 3.5 BA, 2300 sf forest bungalow on quiet cul de sac walking distance to creek access, west beach and ferry (no tram needed!)
Completely renovated with new bathroom, appliances, paint in/outside, gym, storage, 3 carts, 5 bikes, all the beach/fishing gear and much more.
Had it for 5 years and love being there but can only get down halftime. Ready to sell 40-50% to thoughtful partner(s) with good co-owner agreement and open to flexible scheduling.
House Usage
- 2 shares total
- 26 weeks a year per share
About the Organizer
We are a soon to be retiring professional couple with 2 adult children (no grandkids yet!) visiting BHI for 30+ yrs. 6 years ago we bought half interest in this home and a year ago we bought the remainder and started upfitting inside and out. We can’t be on island enough and ready to sell a 40 or 50% share to one (preferred) or two coowners. We can be very flexible and creative in scheduling, use, expenses and purchases. We can manage (with partner approval) maintenance, repairs and improvements.(40 yr gen contractor & insurance broker). We are non smokers, and desire no outside renting or pet hair but will discuss. Our cul de sac neighbors are fabulous. There are 24 palms, 5 live oaks and 4 junipers on the .22 acre lot. There is a complete workshop, landscape equipment, storage facilities, and material/supplies/hardware onsite.There are established painted buntings pairs at our feeders. It is walk in and play ready with numerous carts, bikes, Paddle boards, kayaks, houseware, linens and every type fishing/beach gear. With the closest and best view of Old Baldy on the island , the 7 min walk to ferry and even less to west beach or creek access is amazing.There’s much more….
Amenities
House Rules
- No pets
- No firearms allowed
- No short term renting
Ask A Question
Calculated Costs per Share
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CASH AT CLOSING PER SHARE
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Down Payment
$90,000
|
|
Closing Cost
$27,000
|
|
Reserve Fund Deposit
$13,500
|
|
Total Cash at Closing
$130,500
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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
$2,642
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Insurance/Taxes
$758
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Repairs
$375
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Maintenance
$275
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Utilities
$250
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Cleaning
$113
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Total Expenses
$4,512
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ESTIMATED MONTHLY INCOME PER SHARE
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Monthly Income
$4,500
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Total Monthly Income
$4,500
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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.