Seeking Note Holder for turnkey SFH in Trenton NJ

[John S Lewis]

I'm in touch with a motivated seller for a 4BR 1.5 BA semi-attached home in Trenton, NJ.  Ask $56K, I think I can get it for $50K or less.  Currently rented at $1300/month.

Gross Rent less 1mo vacancy:    $15,600-$1300 = $14,300

Taxes   annual                             $2,519.81

Insurance     annual       est                $800

Repair & Maint Reserves

@ 10%                                            $1,560

Cap Ex @ 10%                               $1,560

Total Expenses  -annual                                         $6,439.81

NOI $7,860.19

Cap Rate @ $56K               14.04%

     Cap Rate @ $50K                15.72%

Comps $63K, $69K

Looking for a private note holder to do 90% financing.  I will put 10% down, and pay closing costs.

Simple interest only or P&I payments.  5%-7 %.  Contact me if interested.  Contact me to offer different terms.

Thanks.