Skip to main content

Sell or Rent? Jersey City townhome

I'm currently in the process of deciding whether to sell my home (approximately 500k) with a net of 470k after commission, sales tax, law fees, etc OR rent the property for roughly 2k per month. It is a townhouse that is not renovated, built in the 1980s, and is due for some repairs (nothing necessarily major). I have not been a landlord so this would be a first. It is my parents' property and we will move in somewhere else.

The question I had, would this be a good ROI.

Rent - 24k/annually

Taxes - 6k/annually

Home Insurance - 1.2k/annually

= 16.8k/annually.

This number is very raw considering there are no home maintenance repairs factored in plus we don't know how long it will take to get a renter. Furthermore, most properties in this area were rented out for about $2400-2500/month but with the pandemic prices have gone down as everyone is moving away from the city. 16.8k/500k = roughly 3.36% ROI. Is this worth it? Do I hold onto this property because of its location (close to downtown JC) and take the crappy ROI until things become more in demand of renters in urban cities.

submitted by /u/Man_Child716
[link] [comments]

source https://www.reddit.com/r/RealEstate/comments/n0tohw/sell_or_rent_jersey_city_townhome/
Labels:

Comments

Post a Comment

Popular posts from this blog

North Carolina – “One to Buy; Two to Sell”

I realize I will likely have to contact a real estate attorney but also hoping to hear insights and experiences from others! I have a house in NC that I bought by myself in 2009, and paid off, in full, in 2022. I got married in 2023. My spouse and I have not lived in the house as our "marital residence". We have maintained separate residences even after we got married. (That a separate topic!). I am now selling this house. Realtors have told us that my husband has to sign the deed at time of transfer but I am not convinced since the house has not been our marital residence. The realtors like to use the phrase "one to buy; two to sell", which seems like a broad-stroke statement which is not applicable under all circumstances. And of course, the realtors don’t realize the details of my specific circumstances: I purchased and paid for the house in full prior to marriage Only my name is on the deed And most importantly, we have never lived in the house as a marit...
Post a Comment
Read more

Question With Tricon "Pending ID".....

My wife and i, along with 2 other peopl applied to rent a house, and our application says "Approved, Pending ID". Anyone else know what that means? Do we pretty much have the place or are we missing something? submitted by /u/Itskrueger [link] [comments] source https://www.reddit.com/r/RealEstate/comments/1orixqj/question_with_tricon_pending_id/
Post a Comment
Read more

Making offers on houses not listed for sale.

I want to buy a home for retirement. I am looking at lots of options, mostly focusing on the locations that appeal to me. I see lots of Zillow estimates of homes that look like great deals to me. Are these estimates accurate, even though similar houses in the same area that are for sale are usually priced much higher? If so, is it realistic for me to try to make offers to owners that do not have their homes listed? Would a realtor even consider helping me do this? Or, do these values indicate that the houses listed for sale are overpriced, and I should just lowball until someone accepts? Are houses today tending to sell far below list prices, or ??? submitted by /u/chewybrian [link] [comments] source https://www.reddit.com/r/RealEstate/comments/1o4mcon/making_offers_on_houses_not_listed_for_sale/
Post a Comment
Read more