Need suggestion to buy a rental preperty.

[Vinay Kumar]

Hello everyone,

I hope you're all doing well. I'm currently in the process of considering the purchase of a two-family rental property in the Jersey City area. The property in question is an older home that requires a significant amount of renovation to transform it into a proper two-family residence. My goal is to be able to rent each unit for approximately $2,500 per month.

The seller has set the asking price at $780,000, but I am aiming to negotiate the price down to around $720,000. My question is whether this proposed purchase price aligns with the potential rental income and if it makes sense as an investment for a rental property.

I appreciate any insights or advice you can provide on this matter. Your input would be valuable as I assess this potential investment opportunity.

Thank you for your assistance.