Asked by salbarzini, Queens, NY • Thu Apr 26, 2012
A 2 family with estimated payments of $4,522 monthly expenses to be added to, makes for a difficult investment in my opinion. So if it needs work, besides the asking price, renovation expenses must be considered besides the large down payment and closing costs incurred. And what kind of rent can be attained to offset the monthly burden? Maybe $1500-$1600 in rent? Think about it.
Leaving about $3,000 left in monthly mtge. payment, heat, insurance, electric, water/sewar taxes, which may bring this figure back up to $4,000 monthly. Now add food expenses,etc..
and you then need approximately $5,000 minimum monthly. I can't understand the asking price on this one at all.
I just saw a 2 family, in Modern condition, new wiring,new furnace, all detached, private driveway, a 2 car garage, nothing to do inside, asking $739k, 6 bedrooms total, and it is a flexible price I was told. Guess this property at $769k helped me indirectly go back to the other more valuable property. Thanks!
This question is about this property: http://www.trulia.com/property/3082782804--70th-St-Queens-NY-11379
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