Advice on a deal in Newark NJ 07104

5 Replies

I am about to sign a contract on a deal in Newark NJ 07104

I am looking to talk to someone that has bought and rents properties in that area.

The deal: Single family unit, 2 bedroom 1 bathroom. 

I can close for 60K, Projected repairs is 30k. Projected monthly rent $1200-$1400, Tax $2100

Does it sound like a deal?

I own a bunch of properties in that zip code. I dont usually do single family deals i think you get more dollars per square foot on a  multi family. The purchase price seems really low and if your rehab costs are accurate it sounds like a pretty good deal. Just make sure the block is decent. also is it an attached house or a condo? There arent many houses that small in the area.

Both the purchase price and rehab cost look pretty low to me (even by Newark standards). What exactly is being done? Lipstick reno? If they're real, these numbers look pretty good to me.