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Updated almost 8 years ago,
Newbie deal analysis
First time investor and have been going crazy looking for deals in NY/NJ.. I have been leading towards NJ since the numbers make the most sense even though taxes are high.. it is also a 30 min drive that makes it appealing for me... here are the numbers
It's a 3 br 2 bath
Listed for 85k
Needs about 20k to put it in rentable shape
Taxes are 5200 a year
Comps are in the 160k range (very conservative)
I'm playing to use conventional 20/80 financing and use my own funds and refinance in 6-12 months
All in all takeover costs I'm figuring 110k give or take
Market rents on a 3 bed 2 bath is $1700
If the numbers are correct I should be able to cashflow around $500 a month
Anything I'm missing here???