Update — JackHe pointed out that for my first buy, don’t need to think about suitability for family. I feel this attitude can be a welcome relief. Grandpa said the same — don’t need to discuss with wife.
| Option C — condo | Option 2 — 2FM | ||
| family use? | higher chance than Option 2 | yes if close to PS14 but I still prefer to live close to HBLR + parks | |
| .. or rent out | default choice. better investment value. lower cash flow risk | ||
| size | up to 1300, otherwise oversize | oversize would break my budget ! | |
| condition | good condition. no renovation planned | acceptable condition | |
| tax + HOA | higher running cost | less important if letting | |
| maintenance | distraction + higher running cost | ||
| loc | must: close to PS14+train | ||
| street cleanliness | usually cleaner street, as the condo takes care | LG | |
| budget | Ideally below 250k. Above 300k no additional value to me or tenant, and over-commitment | 250k-350k | |
Location preference within Bayonne: [b = binary criteria. If good enough, then I don’t care how good]
- Better physical condition so I don’t worry much about renovation. Renovation is manageable for some buyers but a risk to a new buyer like me, albeit a well-understood risk. Jack He agreed.
- running cost — tax+HOA+maintenance. Tax is a big drawback to some Bayonne condos 🙁
- [b] Close to the better middle/elementary schools. Nicholas Oresko seems to be the best rated. Lease-spread if necessary — rent nearby [1] and rent out our home [2]!
- [1] 1500 – 2000/month is possible.
- [2] should be easy, though the rent amount is an uncertainty
- smaller price tag (and tax)? Am willing to pay a small premium for those features important to me, but overall price tag is the smaller the better. See prefer small investments,esp.property
- Rent amount? Those with dual entrances often come in poor condition or with bigger price tag.
- — less important —
- [b] reasonable size. See sqf: most U.S.homes are over-sized Those oversize yet clean units invariably cost more than I need.
- [b] street cleanliness; cleaner, richer street (usually near the parks)? still a concern.
- no stairs if possible. Am willing to pay a premium for it.
- bigger windows.
- gas heating is best; electric means higher running cost
https://datausa.io/profile/geo/bayonne-nj/#category_housing has nice charts. One shows the national histogram vs Bayonne histogram! Another shows that nationally 64% of homes are owner-occupied, but 37% in Bayonne.