Condo in Edison New Jersey (NJ)

[Saad Saeed]

Hi BP Family,

I need some advice on a potential opportunity that I'm exploring in Edison NJ.  The condo is an short sale status.  Comporable in the neighborhood are going for 215-220 range.  I can potentially get this 185K and would have to put in about 7-10K of work ( paint, kitchen appliance).  I did that math and the cap rate is around 4.5% (assuming i include 10K fix up cost in calculation).  It is in a good location - where rental demand by professionals commuting to NYC, is generally high due to proximity to train station.    Given this is my first rental opportunity that I'm exploring - any advise will be much appreciated.  I plan to buy and hold this for foreseeable future.

Regards

S

[Saad Saeed]

@Darren Sager thanks for your note.  It is exactly that thinking which is keeping me interested in this property.  Appreciate your perspective 

Thanks

Saad