In search of my first multi family in New Jersey

[Mark Houghton]

In search of my first multi family I came across a two unit (2 beds 1 bath per)

Current List price: $185000

Current rents upstairs apartment number one is $650

**Rent comes from an agency not the tenant

Apartment number two is currently $1145

**The Housing Authority pays the rent for apartment two ($829.00) with the exception of $316.00.

Those rents have not been raised in the last 10 years according to listing agent

Taxes $4430.21

Sewer $140.00/per quarter

Insurance $1200.00. All other utilities are paid by the tenants.

New heating system and copper pipes installed last year

Current tenants are on a month to month lease

This property is located in a well known blue collar area. What purchase price would make this a sweet deal? There may be wiggle room there as I believe this property to be an estate . Property was listed in August north of $215,000