Worth more dead than Alive

[Watson Hilaire]

I am purchasing a single family twin (townhouse) in NJ in November. It is attached to one other house. The house is banked owned and I am paying $20,000 all cash for 2 bed 1 bath 1404 sqft. This is a buy and hold. I called my bank to get landlord insurance and they say it would cost $233k to rebuild so that is the policy coverage. So I am paying $20k for a house that need $5k in repairs and the bank say I need $233k in coverage. My monthly payment will be $87.