*BUY & HOLD INVESTORS!!!!! **HITS THE 1% RULE** 9.3% CAP - **which is currently more than DOUBLE the Treasury Rate** 2 bed 1 bath Current lease runs through May 2023 for $1600/mo (they pay on-time + in cash) HOA $250/mo INCLUDES: heat, water, electricity, reserved parking space, lawn care, snow removal, sewer + trash Coin Laundry on-site (HOA is putting in brand-new coin boxes) Close to Public Transit / Grocery / Belmar Shopping District / Home Depot Property Taxes $876/yr Window Air conditioner units Baseboard heater Stove, Refrigerator, Microwave Recently re-painted interior Low maintenance brick exterior Lower level unit Non-warrantable condo (meaning no FHA loans allowed - most units in complex are rentals) I have a $1600 security deposit that will be transferred to new owner upon closing I am looking to sell it to someone who will honor the current lease in place which runs through May 2023. We are under the impression that the current tenants would probably like to continue living there if you would allow them. They have been easy renters. I recently purchased this condo as a buy and hold investment, and planned to keep for many years as long as rent prices were hitting the 1% rule (OR MORE), and eventually remodel and sell as a flip, plus capture some appreciation from simply holding. I am ONLY selling this condo because very shortly after we purchased this investment property, we ending up finding a Primary Residence for ourselves that needs quite a bit of work, and we have decided to put the $160k that we originally invested into this 9.3% CAP - into the remodels for our family home. I'd love to keep it in my portfolio, but unfortunately, we've determined we have to list in order to make ends meet. My loss, your gain. Hope someone sees the potential here for a solid place to invest your money right now during this market. Mailbox money never looked so easy!
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