Lease-Option Candidate?

Got a couple who have owned this nicely maintained 1920’s Dutch Colonial (a 3-2) since 1975. Know the people but don’t know the financials but can only assume they own it free and clear. Prop is in very nice Northern Jersey suburb 30 min from NYC. Con: a corner lot that is on a main rd going thru town. Pro: the bus to the city literally stops at their corner.

They already bought into a retirement community for active adults nearby and have been trying to sell the house since OCT!

I’ll get the ask later but I suspect its ~500-600K

This sounds like a perfect lease-option for instance to a young credit-challenged couple who want into a nice town and neighborhood. What are your thoughts?

I see the house everyday and it just reeks of opportunity.

What are your thoughts?

Thoughts about what? Real estate is all about the numbers and you haven’t provided any. Show us the numbers!


like I said I’m getting them all and will post later…but in meantime was just wondering if at this stage this might be a candidate for this type or similar strategy or am I totally off base :wink:

Town just did a re-eval so I got decent FMV #s

You need to use comparable nearby property sales to determine the value of the house, not the municipalitie’s value. Then you need to determine what the owner will accept for the property, you said its been for sale since October so what is the asking price? Given this info will the property cash flow under a lease?