I have a 2 family under contract for 329k in NJ. Most recent 2 families sold in the area have been ranging from high 400's to mid 500's. I'm trying to get an idea if I should hold and rent it out, or look into cleaning it up a little bit and flipping it? Any advice or know people who would be interested?
You're probably going to get a lot of people saying they need more info to help you.... For one probably would need to know what it would rent for? How high are the taxes? I grew up in Bergen County, I know taxes can be a deal killer in that market.
Overall without knowing anything I would say this sounds like a good BRRRR opportunity. Rehab it, refi and get your money out, then rent or sell.
Average rents right now are about 1,500 to 1,800. downstairs 2 bedroom (plus sunroom which they're currently using for a bedroom) with garage and unfinished basement (used for storage) and they have access for both tenants to go downstairs to the basement to use washing machines if needed. Upstairs is 3 bedrooms (plus sunroom). Only issue is that it's 1 furnace, everything else is separated out.
@Mark Kurian , I would hold the property. start by updating what you can, make it presentable so you can raise the rents. Clifton isn't a bad town in NJ, but it isn't the greatest. its a mid point for the average NYC commuter. good luck
I would also look at removing the oil heat system and converting to gas with 2 separate meters. That way you are not holding the cost of the heat going forward.