High property taxes (at least the cost of a $100k mortgage per month if not $200k) depress prices nicely. As did the judicial foreclosure process. Homes that started the process in 2010 are just hitting the market now in a big way and the governor isn’t too eager to help suckers who overpaid in 2005-2006.
This is what $300-350k can get you in a small city that’s about 1 hr by train from NYC, and close to more local job centers.
Live in one 3/1 unit, rent the other to some schlub for $1500-2000 and have your mortgage paid for you.
Compared to San Diego, it’s good bang for the buck.[/quote]
WOW … Isn’t Morristown pretty upscale? I had some in-laws who lived there for awhile and they were very well-off longtime local biz owners at the time.
I liked the house/duplex … not for myself cuz I don’t want stairs. I’d probably refinish a few floors and change a few things like get rid of fake FP’s and that crazy closet sticking out (a streamlined Ikea closet organizer on another wall would look a lot better).
spdrun, if you can upgrade the electrical yourself (what is not already done and then get it signed off) and get it anywhere close to that price and get as much rent as you say you can for the unit(s) you don’t want to live in, it’s probably a winner.
Does the bank allow an inspection period where you can take an engineer or inspector on the property?
I’m kind of shocked this large of a place in this particular town is listed for this price. I feel it’s definitely a better deal than D-e-e-etroit, even if you can get the same size (rundown) property there for $40K or less.
