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Real Estate Deal Analysis & Advice

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Herlando Y.
  • Investor
  • South River, NJ
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36
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Zoning Question

Herlando Y.
  • Investor
  • South River, NJ
Posted Nov 6 2015, 11:19

Hello,

This is my first post, so I apologize in advance if there is any missing in for or mis-format.

I found a house/commercial building that is more suitable as a multi 3-4 units. House was grandfathered in as commercial, but currently sitting in a SFR zoning area. It has been vacant for 2 years and the owner is having a tough time unloading it.

Asking: 287,000

Repair: est 25,000-40,000

Tax: 15,000

Ins: 2000-3000

Township currently is low on funds and aggressively increasing property tax. Is it worth it to try to get it rezoned or if I can even do that? Should I just call the township and ask?

Thanks.

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