Johnio, Your formula seems fairly accurate, don't discount advertising/commission and the one month vacancy is really a best case scenario. Ideally you may find a property with a tenant in place. That is great because you are guaranteed rental income for the balance of their term.
With most mls, the pictures become the property of the mls. You should just ask your realtor for files directly.
CVisco, There is one other criteria that is also taken into account with the flood insurance rates and that is construction code conformity. Elevation is the biggest, if your first living floor is higher than 13' and the home conforms then you should be able to make out with a reasonable rate. I personally live in Middletown and I'm in that boat. Below 13' it will really escalate.
There is only two ways to know if value goes up or down; an appraisal or a sale. Everything else is opinion or a valuation. Web sites, including zillow, have never been to your home, and they don't know what work was performed or the previous condition prior to renovating. Best thing is to not sweat it until you sell or pull out some equity. A new kitchen, bathroom, and deck will definitely raise the value; not necessarily dollar for dollar, but a raise nonetheless. Contact a local professional and get real insight.
Marketing your home by yourself is a big undertaking; I'm not trying to discourage you, but understand a few factors before getting started. 1- Brokers outlay a large amount of money to properly market a home, most of which is paid out over time so we understand it is the cost of doing business. The first time seller and FSBO sellers tend to not appreciate this amount of money. 2- Internet marketing is way more effective than print marketing. Use your money wisely! Zillow or Trulia are a good primary site for the for sale by owner (FSBO). One site will not cut it! 3- Ask yourself, will I work with a broker for the buyer and what kind of commission can/will I give out . This is a big one, if I have a buyer as an agent I need to pay my bills, what's in it for me? Most buyers buy with a broker; guidance, less work to do and protection from scam artists. I have contacted many FSBOs and asked if they would cooperate; some say yes and many believe it or not tell me 'NO' but ask I send my client over. They don't understand the time and money spent marketing myself to obtain the client in the first place. 4- Consult a broker anyway! Get a market analysis/price opinion so you can do a better job for yourself. I know I would do that for someone, provided I can at least pick them up as a buyer on the next purchase. Most brokers believe in building relationships more than anything!5- After consulting a broker, or multiple brokers, think outside the box in terms of sale. There are open listing agreements, Transaction agents, and agents who will list for a flat fee for more exposure. Lastly, using a broker does not guarantee a fast sale but odds are it will work out better than not using one.The longer a house is marketed and not sold, the lower the price will be. Saving a few percent may end up costing you more. Take the time and develop a strategy, don't just toss it on a web site and hope for a buyer. Good luck in your sale.
If the seller is obtaining a mortgage on a new property for purchase, and they wanted to delay the sale of this property this is some recourse but not much that will offset the inconvenience of moving twice if they haven't vacated and closed. Your attorney can negotiate for a few things: 1 - Close with a sale and lease back. In this scenario you close on time but the property is then leased back to the current owner at an advantageous price for you. 2 - Close with a sale and lease back but escrow money from the sale back to you for damages. The plus side here is if money is escrowed it is easier to obtain for damages versus civil litigation. 3 - Attorney negotiates for closing on time and the seller is burdened the inconvenience. The perfect answer to your problem but with occupancy they do have the leverage unless they are leveraged on the next deal. If they have already deposited considerable money toward their next purchase they may not want to mar that deal and expose their deposit. This is the home run, good luck. 4 - Attorney negotiates to void the deal with money returned to you. Everyone loses, but you can stick it to them. Either way this is a tough situation to be put it; good luck!
Any agent for the owner as long as they are acting within local and state laws can be granted access to the property. Whether it be a real estate agent or plumber; you have safeguards in place for non-emergency access. Also consult your lease, there will be a clause in there regarding such access (or at least should be). For an emergency scenario your landlord may have retained a realtor to act in a property management capacity in which case they would need a key. All that being said you do have rights as a tenant; the most important is a right to "quiet enjoyment of the property." It is in the landlord's best interest to keep the tenants happy, they are his/her livelihood, also if the property is an investment it is great to purchase a place with happy paying tenants. Consult the following links for more information if needed.http://www.state.nj.us/dca/divisions/codes/offices/landlord_tenant_information.htmlhttp://www.lsnjlaw.org/publications/pages/manuals/tenantsrights.pdf
At $240,000 dollars some of the traditional hot spots may be out of your range, such as Hoboken or other ares in close proximity to NYC. My best advice would be to try and find an area that has a desirable commutation option; the bayshore of Monmouth County would fit that bill, Highlands and Middletown best bets there. People really love the ferry, it is the number one request from NYC professionals looking to buy or rent, and Monmouth County generally has great schools. One piece of information that would be important is where do you reside? If you live in Toms River how can you monitor and service a property in Hoboken and vice versa. Buying a rental property is great but if you have to pay out contractors to service all needs you will end up compromising your margins. Find a realtor locally that can assist you, buy a place nearby that can be profitable. Maybe try and cold call a few that do rentals and pose as a renter and see where there is a demand not being met. The short answer from me would be bayshore Monmouth County.
I hear this kind of sentiments from so many people using zillow; and it bugged me at first, but zillow is only as good as the information it receives. The zestimate is really for entertainment purposes only, it is only as accurate as the raw data given. It is generated by an algorithm, raw numbers which are cold and do not take into account any factors beyond price, # of beds/baths, and proximity. If you're in an area with little turnover it lacks the information to proceed properly. I cannot filter out bad data such as foreclosure sales, short sales, or other factors like the home lacks functioning and needs to be gutted. Professional users should know and understand this, personal users now you know.
Your best bet is to enlist the help of a realtor; have them start stalking distressed properties. This way when they become available you are in the know beforehand. As the previous comment mentioned, Banks do not deal with the general public, whether you're in the business or not. Active agents who know their trade and their locale know properties that fit this description.