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$400000 TREMENDOUS INVESTMENT PROPERTY WITH NICE RENT ROLL (NEWARK, NJ) (map)
THIS PROPERTY IS A 3 FAMILY PROPERTY. IT CONTAINS THREE 3BR/1BATH APTS. RENT ROLL IS $1100 FULLY PAID BY SECTION 8/$1100 WELFARE ($928 PAID BY WELFARE AND TENANT PAYS $172) /$885 BY SECTION 8 (TENANT PAYS $215) TOTALING $3300. ALL APTS ARE ON YEARLY LEASES EXPIRING DIFFERENT TIMES OF THE YEAR. THIS PROPERTY HAS SEPERATE UTILITIES. LANDLORD ONLY PAYS WATER AND HALL/BASEMENT LIGHTS. NEWER BOILERS/WATER HEATERS, WINDOWS AND ROOF. VERY GOOD TENANT BASE. LITTLE TO NO MAINTENANCE EVER. VERY SOLID HOUSE. THIS PROPERTY IS LOCATED AT 660 HUNTERDON STREET NEWARK, NJ 07108. NEW CONSTRUCTION ALL AROUND PROPERTY. IF YOU ARE INTERESTED, PLEASE CALL 917.862.0430 OR EMAIL CDIFF64@YAHOO.COM.
PURCHASE SCENARIO:
PURCHASE PRICE OF $400K MINUS 10% DOWN OF $40K = $360K CAN BE FINANCED AT 30 YEAR FIXED AT 8% COSTS $2641.55 + TAXES ($4925.00 / 12 MONTHS) $410.42 + INSURANCE ($1600 / 12 MONTHS) $133.33 + UTILITIES (WATER AND HALL LIGHTS) $100.00 = $3285.30 TOTAL EXPENSES. RENT ROLL IS $3300.00
HOUSE WILL BREAKEVEN AND ALLOW FOR A GREAT BUY AND HOLD / BUILD EQUITY INVESTMENT WHILE YOUR TENANTS PAY YOUR MORTGAGE.
