Advice on my first multi family purchase

[Jessica Gonzlez]

Hello All. I am currently in contract on my first two family home. This is located near Garfield ave in Jersey City, NJ. 

Attached are the details on the numbers. So here are the questions

- The home is a legal two family with 4 units I was planning on renting the first floor duplexed with the basement for 1600 second floor for 1500 and live in the top floor apartment for "free" for 1-2 years would this on paper look like a decent deal

- I have no idea what water, electricity and sewage runs on a two family home 

- Where can I look to see if I could actually obtain those rents for that property ( got these numbers using rento meter) 

Thank you all very much !

[James Masotti]

@Jessica Gonzlez - Every location is going to be different. But if I had to venture a guess... the city will give you trouble if you try in any way to distinguish the attic from the second floor. Basically instead of renting them their own apartment, you'd have to charge them rent as a roommate. And I don't know how this would play into things like utilities and evictions and how you have to market the property and the like. Again...questions that unfortunately are above my pay grade and you may want to either check with an attorney and/or the city on for further clarification. 

If you aren't living in the property, than I don't think it will matter that the basement is considered part of the first floor and the attic a part of the second floor unit. There may however be restrictions with regards to how you can advertise the amount of living space when you do this though. Again you'll need to check with local statutes on what the requirements are for "livable space"