Curious if I could get some feedback on this deal. This would be my first investment. Is this monthly cashflow worth it for you?
The property is in good shape. No major repairs needed. Maybe some painting and new washer/dryer.
The home would rent to college students as it is near a university.
Here is the listing
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just looking at it real quick, these are the three things that i see.
Closing costs- you have $0 allotted. you should expect atleast 2% of purchase price ($3,300)
You water bill is $10. Im assuming youll have that paid by tenants?
I don't know about the insurance costs. seems low to me but that could be correct for your area.
Similar comments: closing cost, cleaning. Add laundry equipment.
If rented to students then anticipate summer months are vacant.
In Closing costs you will still have some title search,possible apprasial, inspection, and maybe other fees. Id give it atleast 1% to be safe. Thats assuming the seller will pay the rest.
lender fees, i dont know. I would make sure that applies to you and not just the last guy the agent did business with. Its possible. But i would make sure.
As @Sam Shueh said, be aware that the typical school year runs August-May. That leaves you 3 months worth of unknows if your renting to students specifically.
Hey! I'm a local realtor in the area and know this exact house. I'm 99% sure the previous owner was a landlord to college students as well. It's close to TCNJ but also Rider University. Many Rider student's rent in Ewing as well which means you'll have a broader pool of tenants. Only thing is, I know that there are many rentals as well as a lot of new development designed for college student so lots of competition. Not saying not to buy, just trying to provide as much information as possible.
As the other's have already stated, I think some of your expenses are slightly off. Also, this house is oil heat. Not sure if this is a game changer for you but just thought I'd let you know. Let me know if you have any other questions!
Thanks @Christopher Giannino . I will message you!