South Orange Multi (College Rental)

[William Beck]

Fellow Investors,

I walked 19 Montrose St South Orange just before the holiday break and its worth a review.

Best play here will be to convert this legal two family (setup as a 3 family - including utilities) to a college rental. At present, the property is pulling in $4100 but can easily be converted to a college rental asking $600 per room (6.6k per month in revenue!). In short, this property has 11 available bedrooms and 5 baths throughout the 3 units. Zillow pictures will tell you most of the story but I am supplying a link below for some of the areas Zillow did not reveal.

Zillow link: https://www.zillow.com/homes/19-montrose-st-south-orange-nj_rb/

Walk-through pics: https://drive.google.com/open?id=14tqKOmNouyR7pD3A6N3NkDJm39-L7R38

This property will require some surface updating, primarily in the basement and first floor (both baths in basement need some attention). As a final note when assessing this opportunity, keep in mind there are several other college rentals on the street and the current owner has rented out the unit (in its current condition) for 7k a month. I've had my own college rental in South Orange for over 5 years now and can personally confirm rent rolls.

Let me know if interested in taking this one off my hands or partnering. I can send through my pro forma as requested. 

Happy Investing,

Bill Beck

[John Errico]

@Account Closed there's a pretty strong group of northern New Jersey investors on BP. I own a bunch of properties in Hudson and Bergen counties, and have been doing some flips and other projects in Essex, including one in South Orange. If you ever want to compare notes or the like feel free to PM me, would be happy to lend my thoughts and/or help if relevant!