http://www.isoldmyhouse.com/ismh/properties?action=ls&adnum=79573

Some of the best fishing is seconds away.........

Only $962 a member! Let's do it! :laughs:

Get 10 people, divide the cottages up . Form a non-profit and use the rental income to pay taxes and maintenance. Avg of $1100 a week, 10 cottages X 8 weeks (just July and August) = 88,000 income. That should cover maint, taxes and insurance. Fish spring and fall,
A fishing village just for fisherman and families.
I'm game.


:happy:

A Striped-Bass.com timeshare!!! Count me in!
:D

Originally posted by Motor Fish
A Striped-Bass.com timeshare!!! Count me in!
:D


Yeah but who wants 2 weeks in January.......


$962....the check is in the Mail :D

Fishing comunity in the summer/fall..... plug building commune in the winter- :D

casino/ otb here I come

I have had my share of daydreams about that place.:D

The mortgage would be less then $16,000.
Sale price $2.4m, $600,00 down payment
principal & interest (6%, 25 yrs. on $1.8 mil) ==> $11,597/mo
taxes==============================> $ 3,000/mo
insurance===========================> $ 1,000/mo
__________________________________________________ __
Total $16,000/mo


$16,000 / 18 bedrooms = $ 888.00/mo.

With only 18 people, you can rent this out every other week in the summer and pay for the mortgage plus have another $888. for the winter months when not being used and have two weeks for yourself free.

This is not a bad deal except for the down payment. Maybe the owner will do financing.

I am in!

If they are winterized you can rent them in the winter to URI students $1000 per month.
I am in.

Hmmm... my Fed tax return is exactly..... $962!!!

Sign me up!

No way the taxes are going to stay at 3,000, they'll probably go to 30,000!

Just so everyone understand So. County taxes. The club I belong to, the Narragamsett Saltwater Fishing Club, owns a house on the road to Deep Hole in So Kingston. It's our club house and has frontage on the Atlantic and on Potters Pond.

We have been trying to get non-profit status for a long time. Something that is much more difficult than you would imagine.

Anyway, the clubhouse was recently re-assessed. I can't say exactly how much but this is one house with 2 baths and I believe our taxes are $12,000 a year.
The piece of property we are talking about clearly is assessed at the old assessed value, not at the $2.4 million asking price.

If that one falls through, maybe this one might interest you...HUMBLE ABODE (WWW.allanschneider.com/out_large.php?uinnum=29876)

The $3,000 is per month not per year. That would be $36,000 per year. Figure a tax rate of about $15.00 per thousand times $2.4m gives the above.

That makes sense

Is the land included?