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Rocco Lagano, Real Estate Pro in New York, NY

how is beach boulevard in forked river to buy a small beach bungalow? is it a safe investment under 100k? the house needs about 10-15k worth of work

Asked by Rocco Lagano, New York, NY Tue Apr 10, 2012

its 2br / 2ba and is walking distance to the bay beach and such... is it a good area down there?

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That's correct. The rental would have to be year round. Yes, $80 to 95,000 is good for a rental property but not if looking to flip after putting in $20,000. You'll never get your money back, with realty transfer fees and taxes, this is not even considering a commission should you list the house.
0 votes Thank Flag Link Tue Apr 10, 2012
Please remember..this would serve as a year round'd have very few summer takers. Based on other rentals in the area, your ROI would be OK at an investment of about $80-95.
0 votes Thank Flag Link Tue Apr 10, 2012
thanks for the input susan..
so sounds like comps support the price and a 2br / 1ba at 110 would be a safe investment.

ya beach blvd close to route 9 is not that nice.. but down by the point it is nicer..
0 votes Thank Flag Link Tue Apr 10, 2012
The area you are speaking about is a much better location on Beach Blvd. Being close to the Bay/Park is nice but I still would not pay too much for it, especially if you are looking to flip it. Also, I agree with Ron about not putting too much money into the house. You will not break even let alone make a profit. Banks usually want to get within a certain percentage of the list price. The one's I get usually want to be within 8 to 10 percent of list. Some are more negotiable, you would not know this unless you put in the offer. If you are not currently working with an agent let me know. Cash is the best as you will not have to deal with any mortgage inspection issues. Forked River does not do a C/O so this is a good thing. There is a letter of no interest you will need to obtain from the town. Lot's of luck to you. We are not a seasonable rental area, so a month to month or yearly lease is what you would most likely want to do. You might be able to get around $1,000 per month with tenant paying all utilities.
I live in Forked River and am very familar with what is going on as far as rental and sale prices.
0 votes Thank Flag Link Tue Apr 10, 2012
thanks ron! what could you rent for , all year round or seasonally? what kind of rent can you get?
i was thinking of fixing and flipping... its on the 1700 block so its down towards the point right by the beach there.. its small at 850sf but decent space that I can make nice for about 20k i think..

why lower end on beach blvd, i would think higher end since it has bay views and has the beach there!
0 votes Thank Flag Link Tue Apr 10, 2012
Hello Big Apple,

I was the manager of a real estate office in Forked River. As far as an investment goes, you should have no trouble renting it, there are a lot of rentals on Beach Blvd. If you are looking to fix and flip it.... so far in 2012, 2 bedroom 1 bath homes in Forked River have sold between 105K- 159K . With Beach Blvd. being a busy street you should be looking at the lower end , be careful of over-renovating in this area . Lacey township has the highest turnover rate in Ocean County.
0 votes Thank Flag Link Tue Apr 10, 2012
ok thanks Susan. Its actually 90k and across the street from the open bay.. not on the canal.. it is a 850 sf bungalo.. needs work too.. what are the chances I can get the bank to take a lower offer than the one that they already accepted from me?

I agree 75 is the right price, even though its well located and has access to a private bay beach..
What would be the value if it were cleaned up with a nice beachy feel?
0 votes Thank Flag Link Tue Apr 10, 2012
You'd have to go much lower than just under $100,000. I just sold two houses, one in Brick for just a hair above 100,000 and one in Manchester for around the same price, both of which were over 1,000 sq. ft. 3BR houses, these towns are usually much higher priced than Forked River. Beach Blvd is a busy street and if it's a small bungalow not on the water it would have to be below 75,000. Now, if the house is on the water than just around $100,000 or lower is a great price. This is just my opinion based on what I've been selling in Ocean County.
0 votes Thank Flag Link Tue Apr 10, 2012
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