The building was built in 1965 and was remodeled in 2011.Seller is asking $300,0004 units - 900sq ft each - currently rented at $700 per unit - Tenants pay all utilities except water/sewer which averages $250/month.Insurance is $1,600/year and taxes are $2,600.It makes sense as far as I can tell.

I hire a pluming company replace a shower drain he quoted me at $560.00 He had down the initial inspection and the never mentioned anything about the shower pan being damaged.Today he came out and said that the that the drain was corroded from all the hard water and was not able to remove the drain, he them send me photos of the shower pan with a whole near the drain and the tools use to try to remove it.

That's probably more than a $100 price reduction over 12 months.Lower your price, never your standards.

Our standard finishes typically include:   - Stainless Steel Appliance Package (Yes, All Appliances Included)   - Quartz Countertops in Kitchen & Bathrooms   - Covered Lanai   - Fully Tiled Showers   - 9'4" Ceilings   - 8' Doors   - His & Her Walk-in Closets   - Ring DoorbellThese are just some of the features that come standard in our homes, not as expensive upgrades.

@Robert Rixer, I don't know how creative these are, as many are common plays:Valet TrashFencing in first floor yardsProviding washer and dryers for added rentReserved, Covered parkingTech PackagesInternet and Cable contracts, with reimbursementsPayment Plan rents, with small service charge (i.e. bill 1/4 rent each week)Reserved Rental cabanas at poolPrivate pool party rental optionGolf Simulator in clubhouse - fee basedOn site, self serve car wash (quarter feeder style)Charged group fitness/personal training servicesGame room in clubhouse with monthly subscription for tenants (Xbox, Playstation, etc)Changing out high maintenance grass for astro turf or lower maintenance/lower water use shrubberyBut ultimately, I think a lot of NOI increases come from deep dive into understanding EVERY expense and finding ways to minimize them, and/or no outsource them.Train maintenance team on basic HVAC and appliance repairs (find way to get them licensed as needed)Buy paint sprayers for faster, easier turns versus having to hire a contract painter, and possibly repaint whole unit each timeStandardize all finishes, so you can buy in bulk, everything from hinges and door knobs to cabinets, paint colors, and light fixtures.Potentially get leasing people onto lower base salary with higher bonus potentialBulk/bundled insurance across portfolio (even better at scale is to self insure)Regularly test sprinkler systems for leaks.Non-NOI, but benefit to you: partner with insurance agency to get referral kickbacks from your tenant base for renter insurance.  

You need to pay for water, sewer, and garbage removal in NJ.

It depends on the market, but in Austin, having a washer and dryer either in unit or in the complex is pretty market standard.

Call the real estate commission and double check, but TX looks at STR like a hotel and does not hold it to the same standards as a LTR PM, which would need a real estate broker license.

If you are listing yourself, find comps that your subject property beats out the water and list around that benchmark. 

I am willing to test the waters for awhile.