Tremendous opportunity to purchase prime waterfront property in coveted Isle of Palms with instant equity. This home flooded during Hurricane Helene making it uninhabitable. However, the seller had the drywall cut 4ft high, removed all wet damaged furnishings and appliances, and has cleared all the storm debris off the property. The home was dried out by restoration contractors and new drywall, texture, and paint was just completed. While there is still a lot of work to be done there is an opportunity for the new owner to renovate the existing home or tear down for new construction development opportunity. This property features a 56x129 deep water lot which allows plenty of room for a pool to be added and has an existing permitted (2021) boat lift and dock. Local Marine specialty company built dock to according specs: construct a new 37’ dock as follows: a 4’ x 25’ walkway connected to a 12’ x 12’ head with a 3’ x 12’ pile supported lower landing on the right of the main dock with upgraded weather proof composite decking. A Neptune 10, 000lbs direct drive boatlift can accommodate various size boats and enjoy breathtaking water views. The property is being sold AS-IS and CASH ONLY due to its current condition. The seller makes no warranties regarding the home’s current and future rehabilitation. Buyer’s and Buyer’s agents should perform all due diligence prior to submitting any offers. Shown by appointment only. Do not walk or tour the home without permission.
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William Raveis Real Estate
Phone: 888.699.8876
Contact@raveis.com
RVP, Mortgage Banker
William Raveis Mortgage, LLC
Phone: 917.838.7300
Melissa.Cohn@raveis.com
NMLS Mortgage Loan Originator ID 16953
5/6 (30 Yr) Adjustable Rate Conforming* |
30 Year Fixed-Rate Conforming |
15 Year Fixed-Rate Conforming |
|
---|---|---|---|
Loan Amount | $559,920 | $559,920 | $559,920 |
Term | 360 months | 360 months | 180 months |
Initial Interest Rate** | 7.250% | 6.625% | 5.750% |
Interest Rate based on Index + Margin | 8.125% | ||
Annual Percentage Rate | 7.775% | 6.790% | 6.034% |
Monthly Tax Payment | $902 | $902 | $902 |
H/O Insurance Payment | $92 | $92 | $92 |
Initial Principal & Interest Pmt | $3,820 | $3,585 | $4,650 |
Total Monthly Payment | $4,814 | $4,579 | $5,644 |
* The Initial Interest Rate and Initial Principal & Interest Payment are fixed for the first and adjust every six months thereafter for the remainder of the loan term. The Interest Rate and annual percentage rate may increase after consummation. The Index for this product is the SOFR. The margin for this adjustable rate mortgage may vary with your unique credit history, and terms of your loan.
** Mortgage Rates are subject to change, loan amount and product restrictions and may not be available for your specific transaction at commitment or closing. Rates, and the margin for adjustable rate mortgages [if applicable], are subject to change without prior notice.
The rates and Annual Percentage Rate (APR) cited above may be only samples for the purpose of calculating payments and are based upon the following assumptions: minimum credit score of 740, 20% down payment (e.g. $20,000 down on a $100,000 purchase price), $1,950 in finance charges, and 30 days prepaid interest, 1 point, 30 day rate lock. The rates and APR will vary depending upon your unique credit history and the terms of your loan, e.g. the actual down payment percentages, points and fees for your transaction. Property taxes and homeowner's insurance are estimates and subject to change.