Beach hideaway with boat dock
$1,250,000
target home price
$312,500
cost per share
$2,853 / mo
estimated costs
$3,125 / mo
monthly income
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CASH AT CLOSING PER SHARE
|
|
Down Payment
$62,500
|
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Closing Cost
$18,750
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Reserve Fund Deposit
$9,375
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Total Cash at Closing
$90,625
|
Details
Looking for nice waterfront home on Adams Creek, Bogue Sound or Core sound with a boat dock. Ok with building a property together or buying existing. The idea is to have potential boat owners in this property so you can bring your boat while at the house. None boat owners welcome to join in on this property if they just want to be on the water at the beach.
House Usage
- 4 shares total
- 13 weeks a year per share
About the Organizer
Hey I'm James a 58 year old professional from Raleigh. I have 2 adult children who I love vacationing with. A big priority for me is finding a place with access for my boat. I am easy to get along with. I love the Atlantic Beach NC area because the boating and fishing there is exceptional. I am fine with partnering on this property with none boat owners.
Amenities
- Dock
- Porch
- Waterfront
House Rules
- Pets allowed
- Firearms allowed
- No short term renting
Ask A Question
Calculated Costs per Share
|
CASH AT CLOSING PER SHARE
|
|
Down Payment
$62,500
|
|
Closing Cost
$18,750
|
|
Reserve Fund Deposit
$9,375
|
|
Total Cash at Closing
$90,625
|
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
$1,834
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Insurance/Taxes
$339
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Repairs
$260
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Maintenance
$260
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Utilities
$103
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Cleaning
$56
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Total Expenses
$2,853
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ESTIMATED MONTHLY INCOME PER SHARE
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Monthly Income
$3,125
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Total Monthly Income
$3,125
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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.