Folly Beach Family Vacation House
$1,620,000
target home price
$135,000
cost per share
$1,217 / mo
estimated costs
$1,350 / mo
monthly income
CASH AT CLOSING PER SHARE
|
Down Payment
$27,000
|
Closing Cost
$8,100
|
Reserve Fund Deposit
$4,050
|
Total Cash at Closing
$39,150
|
Details
HOME + LOT= Value add!
This turn-key charming Folly Beach cottage has been renovated from top to bottom, keeping everything you love about Folly and bringing in all of the modern details you're looking for. Brimming with personality and just a 5 minute walk to the sand and Center Street's restaurants and shops, prepare to fall in love. Entering from the front door you'll find a climate-controlled sun porch perfect for watching the world go by, curling up with a book, or catching a cat nap. The living room is filled with windows and sliding glass doors, opening into an eat-in kitchen. Two large sliding glass doors let the outside in, and offer a spacious deck perfect for morning coffee or an afternoon sipper. The kitchen is both functional and attractive, with walnut countertops, tile backsplash, plenty of cabinetry, and stainless appliances. There is a powder room and washer/dryer off of the kitchen as well. Three nicely sized bedrooms and a full bathroom with tiled shower/tub combo complete the home. Interested in adding on? Need another structure for your visiting family and friends? Can't stop thinking about a pool? The vacant, cleared lot next to this home is included and has endless possibilities! Renovation was completed October 2023. All top-of-the-line materials were used. High End LED Lighting throughout, solid walnut butcher block countertops, hardi plank siding on exterior, solid wood interior doors, PGT windows and sliding doors, wolf home products cabinetry, and more. A complete list is available upon request. Elevated with golf cart parking and extra storage underneath. This is truly a wonderful Folly Beach home. The rare extra lot can become a vollyball court, cookout area, or a pool can be added, extra parking even the home can be expanded. The ideas are endless and most homes don't have this much extra space.
House Usage
- 12 shares total
- 4 weeks a year per share
About the Organizer
I'm Stephen the Greater Charleston areas Plum Certified agent ask about details.Stephen Carroll - Eco Broker, CSP, RealtorOwner ~ Broker In ChargeLandcrafters Inc ~ Real Estate ~ Development520 Folly Road PMB 126 Charleston SC 29412843-608-1058 ~ LandcraftersSC@gmail.com
Amenities
- Porch
House Rules
- Only dogs allowed
- No firearms allowed
- No short term renting
Ask A Question
Calculated Costs per Share
CASH AT CLOSING PER SHARE
|
Down Payment
$27,000
|
Closing Cost
$8,100
|
Reserve Fund Deposit
$4,050
|
Total Cash at Closing
$39,150
|
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
$792
|
Insurance/Taxes
$146
|
Repairs
$113
|
Maintenance
$113
|
Utilities
$34
|
Cleaning
$19
|
Total Expenses
$1,217
|
ESTIMATED MONTHLY INCOME PER SHARE
|
Monthly Income
$1,350
|
Total Monthly Income
$1,350
|
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.