Attached is a closed multi-family rental report for the last six month's in Boonton Town. Days on market average is 44 days which is pretty good. All properties were listed and rented through a real estate company. I currently have a six bedroom multi-family home listed in Boonton. Could be income producing for the right buyer. If you have trouble with the link shoot me an email.

Debbie,

In Booton Town, the current rentals for a 1 bedroom apartment in the $800's up to around $1500 for a 3 bedroom. Things to consider when buying an investment property is if the rental income is enough to cover your costs. Are the utilities separate and paid by the tenants or by the owner? Are you looking to buy a property that is already occupied by tenants and if so, are they covered under a lease and if yes, is that amount still sufficient to carry the cost of the mortgage. I'm not certain about Boonton but I can tell you that in Caldwell, even if the tenant is on a month to month, if the owner did not occupy the property, you as the new owner cannot give the standard 30 days notice to vacate but must proceed to evict in a different manner. You should call the town or go to the town in person to verify this type of information directly.

Your agent should be able to provide you with the rent and expenses and security deposits, if applicable for homes that are occupied. Again, if unoccupied, you can pretty much estimate the rent roll and expenses (especially if the tenants are responsible for their own utilities).

If the units are not rented, I stress again to make sure the final numbers at the end of the day determine that its worth the investment.

Good luck and if you are in need of a buyer's agent, feel free to contact me directly.

Gina Chirico, Sales Associate
Prudential NJ Properties
973-715-1158 cell
973-992-6363 ext 116
GinaChirico@PruNewJersey.com

We own several multi family homes in Boonton. They are in general easy to rent out, it is a good town and has a lot of multi family homes. You will want to make sure that you have the right paperwork from your renter, and are renting to dependable people. We are very experienced with this, and so we have few problems. We have a few that are for sale, and would be happy to show them to you, or email the specs, whatever agent you are working with, make sure they have direct experience with Multi family homes and can advise you well.
Thank you
Jackie