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Waterfront getaway on Albemarle Sound, NC

1 available share

$800,000

target home price

$400,000

cost per share

$3,766 / mo

estimated costs

$4,000 / mo

monthly income

CASH AT CLOSING PER SHARE
Down Payment
$80,000
Closing Cost
$24,000
Reserve Fund Deposit
$12,000
Total Cash at Closing
$116,000
Co-own this home
Details
3 bedrooms | 3 bath

Looking for a 3+ Bedroom home on the water almost anywhere on Albermarle Sound for an upscale getaway. Property must have a great waterfront view from the house and a dock on the water. Short-term rentals are fine. Pets must be limited to low-allergen cats.

I'm interested
House Usage
  • 2 shares total
  • 26 weeks a year per share
About the Organizer

Greg and Laura live in Cary, NC, and have three adult daughters who all have cats. With the kids out of the house, they are looking to spend quality time in a second home that makes them feel happy and comfortable. And of course it needs to have room for family and guests! Greg and Laura are regular attenders at Summit Church.

Amenities
We are looking for a house that includes:
  • Dock
  • Fire place
  • Hot tub
  • Porch
  • Waterfront
House Rules
  • No pets
  • Firearms allowed
  • Short term renting permitted
Answered Questions
Ask a question
Home Inspiration
2 Co-owners 1 of 2
$362,500 per share
2 Co-owners 1 of 2
$362,500 per share
2 Co-owners 1 of 2
$362,500 per share

Calculated Costs per Share

Waterfront getaway on Albemarle Sound, NC
Albemarle Sound, North Carolina
CASH AT CLOSING PER SHARE
Down Payment
$80,000
Closing Cost
$24,000
Reserve Fund Deposit
$12,000
Total Cash at Closing
$116,000

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.

ESTIMATED MONTHLY EXPENSES PER SHARE
Mortgage Payment
$2,348
Insurance/Taxes
$433
Repairs
$333
Maintenance
$333
Utilities
$205
Cleaning
$113
Total Expenses
$3,766
This total is an estimate of all the expected costs associated with owning a vacation home with a Plum certified ownership agreement.
Location, type of house, changes in interest rates and utilities can all change and affect the monthly cost throughout the term of ownership.
ESTIMATED MONTHLY INCOME PER SHARE
Monthly Income
$4,000
Total Monthly Income
$4,000

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.

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