Duplex in Bergen County - should I buy?
Hi all,
Not new to investing but by no means an expert. I've gotten very lucky (#blessed) in the past where I have been able to buy cash flow investment properties.. I would love your opinion here. The property we are interested in is a duplex listed for ~750K, in an area that's high tax, but good school system and close to train station. Right now we're not looking to move, so our thought to purchase and fully rent out until we are ready to move-in. The reason we are buying now is b/c its rare to find duplex/multifmailies in that area. So here's how the numbers play out:
Listing price $775K
2 unit/duplex. Each can be rented out for $2500-2700
close to train station
Taxes: $18,00 :( :(
Our plan is 20-25% down, and after everything we're pretty much net zero. BUT, this is an expensive town so in the long run, to be able to live on one side and have some rental income helps with the property tax. For just purely investment purposes, I'm sure this is not a great deal. My mult-family investment in JC Heights gives me the same cash return, but at only about 1/2 the cost, so I know from personal experience.
What would you do?