Home Buying in 08540>Question Details

Investor, Home Buyer in 08540

I am looking to buy an investment condo in the 08540 zip code. Price range is 180000-210000. On average does it take to rent out such a condo?

Asked by Investor, 08540 Wed Oct 27, 2010

I am also interested in understanding the pros and cons of making such an investment in light of today's market conditions. I have a pre-approved mortgage and a good down payment ready to go

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Cifrodelli and Associates’ answer
This question was posted about three years ago in Oct. I'm curious how and why Trulia allows this to happen. This is not the first time I've seen this situation. I hope someone at Trulia is reading this.
0 votes Thank Flag Link Wed Oct 16, 2013
Condos in the 08540 zip code run anywhere from $250,000 and up. The best development for the price range of $250,000 to $280,000 would be Canal Point. The rents there run from $1600 to $1800 a month for the condos. You want to look at the rate of return for the property, which I can help you with. Feel free to email or call me.
0 votes Thank Flag Link Tue Oct 15, 2013
Investor I have a great investment property in a good location for student rentals. Great buy nice cash flow.

If you have not purchased something yet please get in touch for details on this property.

Joyce Begg
Princeton, Hopewell, Pennington
0 votes Thank Flag Link Thu Jan 12, 2012
I have a 2 Bedroom, 2 Bath Penthouse at 2307 Ravens Crest Drive in Plainsboro available for only $180,000
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
0 votes Thank Flag Link Thu Feb 17, 2011
Got a new construction sold out.....condo re-sale under $200 great buy, great rental.

call me: 609-658-5839
Joyce Begg
Weidel Realtors
20 years experience
0 votes Thank Flag Link Thu Feb 17, 2011
Don't forget a home inspection! I cover all of New Jersey and I am available seven days a week.

John Falco
FHA Home Inspections, Inc.
0 votes Thank Flag Link Thu Nov 11, 2010
canal pointe is very well maintained by Brickman. They have been doing replacement of trim for years now. You can go to http://www.canalpointe.org for a good bit of useful info. Assoc fees havent gone up dramatically nor do I recall recent special assessments there such as were common in some Plainsboro developments. It is west windsor schools and I regularly handle rentals there for another investor. (they bought years ago at a fraction of todays prices) Personally the non 08540 homes I own are in Hamilton and Trenton. I instruct new investors to buy near where they live because of the hassle factor of overseeing properties. Do you really want to be a landlord? It isnt for everyone. From personal experience I find doing so in higher end areas easier. (though Trenton and Hamilton do tend to have better returns, risk is greater) I suggest you drive and walk thru areas you would consider investing in before taking the plunge. I also suggest sitting down with people who are doing what you are contemplating. (unless you have experience already)
0 votes Thank Flag Link Thu Oct 28, 2010
Thanks for all the responses. Very enlightening. Joel Gruenke mentioned that Lawrenceville/Hamilton/Ewing are better options in terms of appreciation and/or cash flow. Could you elaborate further on how the rental markets in these areas are. I am open to considering these areas as well as long as I have an understanding of the trends in the rental market.

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.
0 votes Thank Flag Link Thu Oct 28, 2010
At that price it can take a really long time before you see any profit. The average rent in that area seems to be $1400.00 a month according to http://www.rentometer.com If you take that and subtract the enitire mortgage payment and calculate for maintence which should run about another $150-$200 a month according to this article http://www.suite101.com/content/the-real-cost-of-home-mainte…

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…
Web Reference: http://www.sjrates.com
0 votes Thank Flag Link Thu Oct 28, 2010
There are several 2 bedroom condminiums available for sale for less than $169,000. Call me for details. Cy Gaydos 609-509-0777 or send me an e-Mail at RealEstate@CyGaydos.com
0 votes Thank Flag Link Thu Oct 28, 2010
Plainsboro in zip code 08536 and also in 08540 is the place to invest. The NEW Princeton Mediacl Center is being built on Maple Avenue southeast of US Route #1 in Plainsboro and will employ over a thousand persons when it is completed in December, 2011. Any one who buys now will get a low price and benefit by higher rental returns startung in January, 2012. I am helping many investors buy now. Contact me at RealEstate@CyGaydos.com or call me at 609-509-0777 or go to my web site at http://www.cygaydos.com and I can assist you in finding the ideal investment property in this area.
0 votes Thank Flag Link Thu Oct 28, 2010
You have some great answers here! Princeton is an expensive market to buy into as an investor - I specialise in rentals in Princeton - check out my website http://www.princeton-rentals.com - you can see what is currently available and ones that have closed. That should give you a good insight into the rental market in Princeton at the moment.
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.
0 votes Thank Flag Link Thu Oct 28, 2010
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.
0 votes Thank Flag Link Thu Oct 28, 2010
Investment properties is what I do. Check out my website and some of the condos that I have invested in. Lets meet and discuss your options.
Web Reference: http://www.paulcamuto.com
0 votes Thank Flag Link Thu Oct 28, 2010
Are you looking for cashflow or appreciation? Although Princeton would be nice I question if the rent would cover the mortgage. If you are looking for appreciation I would focus on Lawrenceville or Hamilton.

If you are looking for cashflow you will need to go hardcore and go into Trenton
Web Reference: http://www.kandjhomes.com
0 votes Thank Flag Link Thu Oct 28, 2010
For example there is a two bedroom, 2 bath Penthouse for $180,000 at 2307 Ravens Crest Drive with Cathedral Ceilings, Skylight and wood laminate and ceramic tile floors that was recently rented for $1,350 per month call me at 609-509-0777 I take calls upo till 1;00 AM
0 votes Thank Flag Link Wed Oct 27, 2010
If you want to recive the data on investment properties and rental history, send me your e-Mail address to me at RealEstate@CyGaydos.com and I can ansswwer you this evening
0 votes Thank Flag Link Wed Oct 27, 2010
There are many choices for an investment property in your price range but not in zip code 08540 or 08542 which is Princeton where most of the properties start at twice your desired investment price range. They are mainly in nearby communities some of which are are partly located in zip code 08540 such as Plainsboro and Lawrenceville.

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
Web Reference: http://www.cygaydos.com
0 votes Thank Flag Link Wed Oct 27, 2010
I think that depends on your goals. Are you looking for a positive cash flow situation? Are you looking for a specific return on your capital investment? Or are you looking for a specific return on the total cost of the rental? Do you plan to manage the property yourself, or do you plan to pay a property manager? Will you allow tenants to have pets? Are you familiar with the term, "Special Assessment", which is a very common thing in Princeton, West Windsor, and Plainsboro (08540)? I know this area well. Feel free to call me if you would me to help you make an educated investment.
Drew 609-933-1773 or email drew@cifrodelli.com
0 votes Thank Flag Link Wed Oct 27, 2010
Sorry, I can not assist you in your search. I service area zip codes in the 378 area. I am not familia with the 08540 zip area.
0 votes Thank Flag Link Wed Oct 27, 2010
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