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Old 02-03-2019, 02:40 PM
 
1 posts, read 723 times
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I am looking to buy an investment property for around $250k . A two apartment house , will rent both apartments in hopes to create at least $2500 income a month (after taxes & insurance).



I found a house in Sparta NJ, a 2600 square foot , two apartments (3 bedroom 1 bath each), good condition, just off a a shoping district for $250k. Taxes and insurance are about $800 a month.

But I have no idea what apartment rentals are like in Sparta NJ. I see many houses for rent, but no apartments. How much can i charge for rent monthly on each apartment? (1,300 hundred square foot apartment, 3 bedroom, 1 bath, utilities not included in rent) Just as important, is it a high demand area for apartment rentals??



Please advise. Thanks!
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Old 02-03-2019, 02:53 PM
 
1,279 posts, read 852,412 times
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I can't speak to Sparta apartment demand but I have been there and know people who are renting a house there. I wouldn't expect it to be a high-demand place for apartments because it's definitely a family town for people who want to stay away from NYC (or who want NYC to stay away from them); it's so far from any train line, and housing is so inexpensive. But then again, if you're offering the only 2 apartments in town, it takes just 2 tenants to make a profitable business.

I'd post a few ads on Craiglist for the place, offering the same price per square foot as you see for houses, and see what prospective renters respond.
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Old 02-05-2019, 03:43 AM
 
862 posts, read 975,776 times
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I would look at ads for other vacant apartments in the town to see what other's are asking but Sparta is kind of probably not a big rental market. Just know being a landlord is not all that much fun and it will be work. My best advice is to screen potential tenants to keep out people who are not going to pay or give you any headaches.
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Old 02-07-2019, 11:56 AM
 
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I guess people rent everywhere, but i don't see Sparta from my experience as a rental market.
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Old 02-08-2019, 09:22 AM
 
Location: River Edge, NJ
69 posts, read 93,814 times
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I would consult with a real estate agent in the area. they can show you rental data and determine a fair price for that particular home. If you need a referral for an agent let me know.
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