Great opportunity to get into the Paterson market. Big rent paid by quality tenant (she even shovels snow)!
- Newly built in 2017 and remodeled/cared for since then
- 7 bedrooms & 2 full bathrooms
- Single unit with large, unfinished basement
- Nice-sized back yard
- Long-term tenant in place, pays $2100/month plus utilities.
- ARV: $250k | Repairs: $0k | ASK: $225k
- Cash flow is $600/month w/ mortgage, and
- COC: 9.5% at purchase, 17% with a refinance (6 months after purchase)
- This deal comes with a small equity position that is available after refinancing.
- The basement is large enough for 2 bedrooms and 1 bathroom for a ‘bonus’ apartment.