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Updated almost 8 years ago,

User Stats

58
Posts
4
Votes
Meti Kay
  • Staten Island, NY
4
Votes |
58
Posts

Newbie deal analysis

Meti Kay
  • Staten Island, NY
Posted
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???

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