Thursday, September 27, 2007

Greetings from Owls Head, Maine

I just realized that it's been 12 days from my last post and couldn't let the Blog continue for any more days with that old date on the top post.

I'm on a driving vacation from Chicago to Maine, spending the majority of the week in Maine. This home is in Owls Head, Maine, near Camden.

To give this post a real estate angle, this house is a four bedroom, five-and-a-half bath home built in 1997. There's a three-car garage with a studio apartment above. The basement features a full game room and home theater. The photo above was taken with the Atlantic Ocean to my back. I'd estimate the price of the home at $2-million.

As an investment property, this house rents for $3,400 a week plus an additional $700 a week if you want to use the studio apartment upstairs from the garage. So, let's see... At 50% occupancy - 26 weeks times $3,400 is $88,400 a year. I'd estimate that the expenses are around $5,000 to $6,000 a month. So, the house brings in a net of $16,000 a year, but has also more than doubled in value from just under a million to today's price of near two-million.

So, who's up for some coastline property in Maine???