If you have not purchased something yet please get in touch for details on this property.
Princeton, Hopewell, Pennington
It has Pergo Floors, Skylight, Cathedral Ceiling and has previously been rented and had an excellent rental history.
The unit is in excellent condition ready for a tenant to move-in.
The unit is currently occupied by the owner wants to upgrade to a larger Townhome and is flexible on a occupancy date.
Call me at 609-509-0777 to arrange a visit to see it Regards, Cyril
FHA Home Inspections, Inc.
I am also interested in understanding the group's perspective on the Canal Pointe condos in the 08540 area. What is their history of special assessments. Also, what is the history of their increases in HOA fees.
Also factor in the condo fee, and anything else I might be forgetting about. Subtract all that from the rent to see if your netting any real profit, if not then I would say its not a good rental property, and it would make a better primary residence than anything. If your not going to net any profit until the mortgage is paid off in thirty some years or, if your going to take a loss for thirty years until its paid off then you need to calcualte how long it will take to make a profit after the mortgage is paid off and you recoup any losses you may have incurred over the years.
My 2011 real estate forecast is published online, but I suspect property is going to continue its steady decline over the next ten years or so, to read the whole article click here: http://www.suite101.com/content/the-2011-real-estate-outlook
The Greater Princeton area may be a better bet for you in your price range. As well as looking at what you can afford take into account what areas people want to live in - schools, ease of transportation, etc.
Remember as well, certain times of year are busier for rentals than others.
If you would indepth analysis of certain condo developments just let me know.
while prices have dropped considerably here the market is just approaching the point where income will cover expenses (with minimal down and including all associated costs) I am a Broker Associate and own 4 area homes 2 of which are in the 08540 zip code. Be careful as this is merely the route the postal carrier takes and does not indicate an actual township. The notion of town home or condo investment may be best for you in that it may limit your exposure as far as conditions of unit. (roof, or other structural areas are often not individual owner responsability). Personally though I wouldnt limit my self to these and would opt for a good inspection to know condition and risk. As I indicated that 08540 zip includes Princeton but also parts of Franklin Twp, Lawrence and others where prices are much less.
Suggest you meet with a few agents, ask for references, ask what properties they maintain and if they have investment properties of their own. Those who can, do.
If you are looking for cashflow you will need to go hardcore and go into Trenton
I can send you a complete list of these properties including a list of rental rates of recently rented properties in these same communities and other parts of htese same communities that are in zip codes 08536 & 08648
Drew 609-933-1773 or email firstname.lastname@example.org