Rent or sell in NJ ??? Keeper or flipper ???

[Almantas Buikus]

Hi everyone.Need a little help here.I'm a reader, not a writer, but this time I decided to ask you for advice... Up until now I was doing flips (not many, but did few) and knew my outcome pretty good. But my last purchase (condo) makes me doubt should I sell or rent it, because is newer build and good location (near hospital, university and major highways).Tenants would be upper class... Don't have any rentals, but always wanted to go that road. Problem is, when I crunch my numbers,It's just doesn't make sense (in my opinion)... I wanted to do BRRR... I know, for many of you, who live's in midwest, is a no brainer, you immediately would say-no deal, but I would like to hear from somebody who lives in North East or somewhere with crazy high taxes.... Do I missing something, do you guys do something different or am I right and it's no deal? Here is some details: Purchase price, closing and repair cost combine 220k., ARV 285k-300k., taxes 5.650y., HOA 260 per month, rent is between 2200 and some rents for 2400, so I picked in the middle 2300 (it may be more, because everything will be new and renovated, but just to be on the safe side, lets say 2300). Like I said, would like to do BRRR, but every time I put numbers in calculator, everything is upside-down.... Because it's my first rental, better tenants, HOA (everything outside taken care of), I'm ok to manage my self... So, am I missing something, you guys doing something to make it work, or just plane and simple-it's NOT a keeper..? Thank you in advance everyone for your advice and help!