what has been your experience with basement rentals?
I am looking at investing in condos in New Jersey and I found a property that seems to be a great deal; it is in a popular area that's close to a major transportation hub, it's a 3bdrm condo that's frankly priced at the level studios usually go for, and the electricity is included in the monthly condo fee. However, the condo is in the basement. From the photos, it does not appear to be a total subterranean dungeon, as there are windows with sunlight shining through them in several of the photos of the unit.
I crunched the numbers and it looks like it could be very profitable, but I am having trouble assessing how much of a detriment it is that the unit is located in the basement. How much harder will it be to rent, and how much cheaper will I have to make the rent (as compared to a comparable apartment that's not located in the basement)?