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$450000 4-FAMILY INVESTMENT PROPERTY WITH NICE RENT ROLL (NEWARK, NJ) (map)
THIS PROPERTY IS A 4 FAMILY PROPERTY. IT CONTAINS THREE 3BR/1BATH APTS AND ONE 2BR/1BATH APT. RENT ROLL IS $1250 SECTION 8/$1250 SECTION 8/$1250 SECTION 8/ $752.46 WORKING TOTALING $4502.46. ALL APTS ARE ON YEARLY LEASES EXPIRING DIFFERENT TIMES OF THE YEAR. THIS PROPERTY HAS SEPARATE UTILITIES (ELECTRIC AND COOKING GAS) BUT LANDLORD HAS TO PAY HEAT FOR ENTIRE HOUSE ALONG WITH WATER AND HALL/BASEMENT LIGHTS. HEAT IS OIL HEAT. RENTS ARE INCREASED TO COMPENSATE FOR HEAT PAID BY LANDLORD. LITTLE TO NO MAINTENANCE EVER. THIS PROPERTY IS LOCATED AT 100 102 GOODWIN AVENUE NEWARK, NJ 07112. IF YOU ARE INTERESTED, PLEASE CALL 917.862.0430 OR EMAIL CDIFF64@YAHOO.COM.
POSSIBLE SCENARIO:
450K PURCHASE PRICE MINUS 10% OF 45K ALLOWS FOR $405K FINANCED AT 8% 30 YEAR FIXED WILL COST $2971.75 + TAXES (5614.00 / 12 MONTHS) $467.83 + INSURANCE ($2500 / 12 MONTHS) $208.33 + UTILITIES (WATER, HEAT (OIL) AND HALL LIGHTS) $600 TOTALS $4247.91. RENT ROLL OF $4502.46 WILL ALLOW FOR MONTHLY CASH FLOW OF $254.55.
