Jersey Shore Investment Property – Sea Isle City, 1 Block From Beach
Sale Price: $160,000
This one room condo is only one block from the beach and features a jacuzzi tub and gas fireplace. It is one of 19 properties in the Colonnade Inn, an old Victorian style building in Sea Isle City.
The Numbers
This is one of the few properties at the entire Jersey Shore that will actually break even on a cash flow basis if you make a 20-30% down payment. Here are some figures:
Downpayment: $48,000 (30%)
Loan Amount: $112,000
Loan Interest: 6.00%
Average Monthly Interest 1st three years: $550
Monthly Condo Fees: $230
Other Monthly Fees & taxes: $100
Annual Rental Revenues: $9500
Annual Appreciation: 2% or approximately $3000
Revenue + Appreciation: $12500
Annual Expenses: $10,560
With these numbers you come out ahead by about $1900 per year. Plus you get a prime spot in Sea Isle City only one block from one of the best Jersey Shore beaches around.
