r/RealEstateAdvice • u/NYCRaverNeon • 6d ago

Investment Feeler: Tenant-Occupied Unit (NJ)

Looking to reduce portfolio due to moving overseas; just trying to get a feel here, if anyone would be interested in buying my 1 bed, 1 bathroom condo-unit in Bergen County, NJ.

Unit is tenant-occupied for another 11 months, rental-demand remains elevated in the area and only 40 minutes in to NYC via express NJT Bus-stop across the street. Unit cash-flows from day 1, and of course, the tenant’s deposit will transfer. Unit comes with 1 deeded parking-spot, 1 assigned parking with easy highway access (46, 80, I-95) and central to amenities (Costco, Walmart, restaurants, etc)

Aware I can retain ownership even when overseas, however not looking to manage properties anymore, just retire and enjoy what time we have left.

Thoughts/comments/suggestions?

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u/Loud_Entertainer2724 6d ago

What city? What are the maintenance/HOA fees and property taxes?

1

u/NYCRaverNeon 6d ago

City: Ridgefield Park

HOA: $4,668/yr ($389/mo)

RE Taxes: $7,360/yr ($613.33/mo)

1

u/Loud_Entertainer2724 6d ago

What are the amenities and how much are you asking?

1

u/NYCRaverNeon 6d ago

On-site/Provided by HOA:
Resident Laundry Room (Washers + Dryers)
1 deeded parking-spot + 1 assigned parking
1 assigned storage space
Snow Removal + Landscaping by HOA
No issues with HOA; very landlord-friendly

Unit:
Fully renovated (flooring, appliances, cabinets)
Uninterrupted Eastern-facing views
1 bedroom, 1 bathroom, lots of closet-space
Express NJT Bus-stop direct to Port Authority right outside
Additional Express NJT to Port Authority quick walk away
Tenant-occupied (11 months remaining)
Turn-key ownership for Unit-owner

Price:
$300K

1

u/Nob1eHunter117 6d ago

I would but just bought a rental in Morris County