Updated 12 days ago on . Most recent reply
Jersey shore long term rentals
I own 3 properties at the NJ Shore (1 hour from NYC)
The town does not allow typical NJ shore short term rentals. The most common practice among landlords is to do a fully furnished summer rental Memorial day to Labor day and Winter rentals to local college kids. Winter rentals are becoming difficult because there has been a ton of condo developments built recently and there's a lot of inventory for Winter rentals.
Property 1 - Fully renovated 3 bedroom/2 bath single family. No mortgage. Value on Zillow $800k. Property taxes $9000/year. Rented for $3500/month year round.
Property 2 - Fully renovated 2 family. Each unit is 2 bedroom/1 bathroom. No mortgage. Value on Zillow $925k. Property taxes $10,000/year. Total rent for both units combined is $6600/month year round.
Property 3 - 3 bedroom/2 1/2 bathroom single family. Needs to be renovated. Value on Zillow $880k. Property taxes $9000/year. Rented for $3400/month year round.
The demand for single family and 2 family homes in the town is crazy and the sale prices continue to increase year by year.
To me the rental income vs the value of the houses makes no sense and the property taxes keep increasing.
If you guys were in my position what would you do with these properties (they would sell at or above the Zillow valuations in a heartbeat).
Thanks in advance for any suggestions.