Multi unit in Bayonne with rent control

[Raj G.]

Hi,

I found a property in Bayonne, it's 5 small units, asking price 610K. built in 1930, Tax 15k

Lot 2700, it's under rent control, expected total rent around 5k, need some minor modification.

it's attached on one side.also Property class recently changed from 4C to 2.

It will be my first time ever home shopping, so needed you all friends advice...What I need to look, what I may be missing.

I will be waiting and appreciate any reply on this.

[Tzvi Balsam]

@Raj G. 

Bayonne does not have rent control anymore but any one there Predecontrolled  days has it locked in until they leave and in my experience that is almost never.