Good deal or bad deal?

[Sharissa P.]

Hello first time investor looking into a two family home in NJ I plan on living in one unit and renting out the other. Sale price is $280,000 and plan on offering full price because all I would have to do is install dryer and washer. Using a DPA grant for down payment. I will pay for closing. Rent will be in total of $2450 and mortgage is looking like $2182 meaning my cash flow would be $268. Is this a good deal?

[Allan Szlafrok]

@Sharissa P. After you’ve added all the expenses into your calculations if the the rental unit isn’t making it less expensive to own than it would be to rent a similar unit then it’s not really worth your while. Knowing the NJ market like I do I have a feeling like you’d be better off renting than owning in this instance but I could be wrong.