I've been looking at this property and trying to review the comps with my limited capability mostly zillow and trulia. It looks like a two unit property a front house and a back apartment. Both in need of a reno.
This is a fake evaluation I can't afford anything right now and I'm just trying to relearn my approach after my last house was just short sold In VA beach. I would like to know the evaluation from experts and new people alike.
The questions.
How do you make sure the back apartment is zoned and permitted.
Whats the estimated rent per unit from what little can be told from the pictured and description.
And of course could this be a good deal why/why not.
Cape May, NJ · Member since 2015 · 23 posts · 3 votes
10y
I wish it was the jersey Shore. In this area the jersey Shore is only the islands like Cape may wild wood avalon ( million dollar just for a lot) stone harber sea isle. This house is past the villas on the Bay side. Your not going to get summer rentals line the islands will have. This would be better as a year round rental. I think the market could hold 1,200 - 1400 depending on finishing a month for the large house and 650-850 for the small. I rent a house from my parents that we recently renovated it's 2 bed 1 bath 950 nicely finished but not over the top we had interest at 1,050. It's three miles from this property
Investor · Verona, NJ · Member since 2014 · 1k+ posts · 832 votes
10y
@William Macomber Macomber, IF the back place was legal there is potential to make about $500 / month on this property, figuring you would have to put in about $40,000 in repairs. However, there are some Red flags in the listing, it says it can be a duplex, which means it does not have 2 units on the property and the house can be added to to make it a duplex. plus it also says the buyer is responsible for certification and repairs, it may need more repairs then what is in the pictures plus again that seems to mean that the units are not safe to rent and not legal to rent and will have to be certified as such. If you can find out if the back unit is legal as @Judy P. said then it may be worth pursuing after having a Contractor look at it.