Waterfront getaway on Albemarle Sound, NC
$800,000
target home price
$400,000
cost per share
$3,766 / mo
estimated costs
$4,000 / mo
monthly income
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CASH AT CLOSING PER SHARE
|
|
Down Payment
$80,000
|
|
Closing Cost
$24,000
|
|
Reserve Fund Deposit
$12,000
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Total Cash at Closing
$116,000
|
Details
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.
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
- Dock
- Fire place
- Hot tub
- Porch
- Waterfront
House Rules
- No pets
- Firearms allowed
- Short term renting permitted
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Calculated Costs per Share
|
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.
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ESTIMATED MONTHLY EXPENSES PER SHARE
|
|
Mortgage Payment
$2,348
|
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Insurance/Taxes
$433
|
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Repairs
$333
|
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Maintenance
$333
|
|
Utilities
$205
|
|
Cleaning
$113
|
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Total Expenses
$3,766
|
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ESTIMATED MONTHLY INCOME PER SHARE
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Monthly Income
$4,000
|
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Total Monthly Income
$4,000
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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.