805 Shore Concourse, Keyport, NJ 07735

DETACHED TWO-FAMILY HOME. RENT INCOME PAYS HALF OF YOUR MONTHLY MORTGAGE PAYMENT. (This home is in Cliffwood Beach, not Keyport. They both share the same zip code and so Zillow shows the wrong town. Zillow also gets wrong the fact that this is a 2-family home and therefore has it undervalued as a 1-family.) This is a 2-FAMILY property comprised of a single-family Primary residence (as shown in photo) and a small detached Studio apartment in the back corner of the property. You can live in the primary house and receive $725 / month in rental income from the studio apartment! That would cover half of your mortgage payment! PRIMARY RESIDENCE: Recently remodeled 1200 sq. foot 3 BR / 1 BA home with granite counter tops, premium appliances, new cabinets, and new flooring in the kitchen. New premium flooring, and paint throughout. Completely new roof installed July 2013. Two floors plus a sealed basement (not a drop of water came in from Hurricane Sandy!) which can be a 4th bedroom. Off-street parking with 3-car driveway and large yard shaded by a huge Maple tree. Vinyl siding. Efficient gas furnace is matched with premium windows and maximum insulation for lowest heating bills. STUDIO APARTMENT: A very small home of about 400 sq. feet comprised of an eat-in kitchen, a living room / bedroom, and a full bathroom. Propane hot water, electric baseboard heat. Currently rented for $725 month. The property is located in the highly rated Aberdeen school district. Taxes are $6,310 a year ($525 month). The address is 805 Shore Concourse. The home is netting $22,800 a year in rent income (after property taxes) so my price of $245,000 is just a 10.7 multiple of the net rent income. That’s a return of 9.7% a year. The effective return rate is more like 12% when depreciation is included. That return rate ignores the fact that the home is appreciating in value by 5% - 10% a year. So this is a bargain price for a smart investor. My name is Lowell Carhart and I am the owner. Please email me for more information, or if you are ready for an inspection please call my brother Russell (my Realtor) at 732-778-6501 who can meet you at the property. I've owned this home since 1987 and have utilized it as rental property since 1993.