The rentals seem for a one bedroom vs. two bedroom seem to be somewhat similar and also vary whereby some two bedrooms are rented for $800 and a one bedroom is renting for $1000 but somewhere between $850-$1150 per floor should be a good start. Are the units already occupied? If they are - are the current tenants on lease or month to month? (Note that if the property was not owner occupied and there is currently a month to month tenant renting, the thirty days notice may not apply. You will need to check with the town to verify). Another BIG factor to consider is who pays the utilities? If you are paying the utilities make sure the rent roll will make sense each month and if you aren't, then you may have a little flexibility.
A little off beat here, but if you are looking into Section 8 tenants, keep in mind that Section 8 has their own rent limits and guidelines irregardless of what other rental properties and being rented for and for any additional questions regarding rental property in general in Elizabeth you can always contact Elizabeth's rent control department (Carol Campbell, Rent Regulation Representative, 908-820-4181). I've found that most towns that have a rent control division are very helpful in answering and assisting potential new owners, current owners and even realtors with questions and procedures for rental properties in their town .
Gina Chirico, Sales Associate
Prudential NJ Properties
973-992-6363 ext 116