Property Description:
Priced to Sell Flip or College Rental Opportunity. Visions of Granduer! "The Mansion at the end of the road" as it was called by locals. There are hardwood floors throughout the house. The basement consist of 5 rooms. There are 2 bedrooms and 1.5 bath on the ground floor, 5 bedrooms, 2 bath on the 2nd floor and 3 bedroom 1 bath apartment on the 3rd floor. There is a fabulous in-ground pool which is complete functional. Plenty of room for backyard activities.The property can be kept in its current state as a rental or can be turned into a student rental and all rooms can be rented out to college students to potentially generate $6500 in cash flow every month. It is less than 3 mins away from Rowan University, close access to public transportation and is within walking distance of local facilities and amenities. Plenty of parking space on the property to accommodate 15+ Tenants.
Rent Scenario:
Projected Annual Operating Income
Gross Income $78,000
Taxes $12,000
5% Vacancy $3900
Insurance $2800
Misc $4000
Net Operating Income $55,000
ROI 16.71% (this includes $30k worth of work + Acquisition)