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Northern New Jersey
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In case you are thinking about buying this property, here are some hard-won insights (current as of August 17, 2012) that may help you:
* The building comes with Tenants that are paying below-market rates.
* The tenant on the ground floor is a Hoarder (a real eyesore, interfered with inspection and appraisal, but not much of a problem for an enthusiastic new owner)
* The building has some serious structural issues - there is water in the basement and an extension on the back that has a particularly poor (and porous) foundation.
* We had it appraised and it came in ~150k below agreed price!
* Despite the sobering appraisal, sellers expect the buyer to eat the significant difference between appraisal and sales price
* In effect, this is a cash-deal