820 Elizabeth Dr, Oak Island, NC - Waterfront Home - SOLD
$990,000
target home price
$99,000
cost per share
$267 / mo
estimated costs
$0 / mo
monthly income
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CASH AT CLOSING PER SHARE
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Total Cash at Closing
$99,000
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Details
SOLD: 820 Elizabeth Dr, Oak Island, NC 28465
Kayaks, Bikes and Sunsets! Oh My. Oak Island Gem!
Have you dreamed of owning a waterfront home on Oak Island, one of the most beautiful and relaxing places in North Carolina? Imagine waking up to the sound of glorious shorebirds, enjoying the stunning marsh view from your porch, and having access to kayaks, bikes, beach chairs, and more. Nestled on the Elizabeth River marsh looking out to the Intercoastal, this 4-bedroom 3.5 bath house on Oak Island is a gem and just a half a mile from the beach!! And the cost is right ... because you are buying 1/10th of this house and sharing the maintenance, insurances, & utilities with 9 other shareholders.
The "Lizzie River House" aka LRH is collectively owned by a group of friends who share the benefits and responsibilities of owning this home. As a 1/10th co-owner, you will have exclusive use of the house for five weeks each year + 2 community weeks. It’s a 10-minute walk to ocean beaches and a daily dose of fabulous sunsets. The house includes a dock, screened porch, garage, hot tub, TV room, and a hot tub!
This group is well established, functioning cohesively for 10 years, so the new owner of this 1/10 share will be able to step right into a nicely functioning group. The LRH is legally organized under a Tenants in Common (TIC) agreement, which details all the terms and conditions of co-ownership. IMPORTANT: Please note this property/share is not eligible for a mortgage. Quarterly fees are $800.
If you are interested in joining this amazing opportunity, we welcome you to review the TIC and contact us for more information. Don’t miss this chance to own a piece of paradise on Oak Island!
House Usage
- 10 shares total
- 5 weeks a year per share
About the Organizer
High functioning, long standing group that has owned this house together for 10 years. Owner of this share needs to sell for health reasons. The LRH is legally organized under a Tenants in Common (TIC) agreement, which details all the terms and conditions of co-ownership. IMPORTANT: Please note this property/share is not eligible for a mortgage. Quarterly fees are $800. If you are interested in joining this amazing opportunity, we welcome you to review the TIC and contact us for more information. Don’t miss this chance to own a piece of paradise on Oak Island!
Amenities
- Dock
- Fire place
- Hot tub
- Porch
- Waterfront
House Rules
- Only dogs allowed
- No firearms allowed
- No short term renting
Ask A Question
10 of 10
Calculated Costs per Share
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CASH AT CLOSING PER SHARE
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Total Cash at Closing
$99,000
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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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Total Expenses
$267
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