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Updated about 10 years ago on . Most recent reply

New Jersey Piscataway Property around Rutgers
I recently came across the following deal and thought I would share with everyone here and get some feedbacks on it.
Single Family with 3 bedroom - of which one is master with its own bathroom. other than that the house has another 1.5 bathroom, 1 living room, 1 kitchen, no garage, but a private driveway.
Financial is as follow:
listing price: $310,000
property tax: $ 6,500
potential rental: $2,200/month
With 20% down payment, the cash flow would be about $455/month, or a ROI of 0.734% per month or 8.8% annually.
obviously, the 50% rule does not work here, but i found that to be the case with most properties around new Jersey. This particular property is in a very nice, safe neighborhood and very close to Rutgers.
Any feedback or critic are welcome.
Many thanks,
Steven
Most Popular Reply

The house will almost certainly need above average repair between tenants. If you are looking to capitalize on the "Rutgers market" I would look across the river, while the properties are a bit more expensive, the rents are SIGNIFICANTLY higher, even off Cook/Douglas Campus. The vast majority of student would not consider renting in Piscataway.
This comes from my experience as a recent Rutgers Alumni