Forest Hill: Mr. Saturday & Jack Ferreira
Your first home should never be a one-family. A two or three-family home provides security in terms of mortgage payments, with the property itself generating income for the homeowner. As such, a mortgage of $3,500.00 is easier to digest when you have a tenant covering $1,500.00 of said amount.
In 2009, construction began on twenty-five (25) three-family homes on Manchester Place in the Forest Hill (aka Mr. Saturday’s aptly named Forest Hills) section of Newark. The 4,500 square foot homes feature 17 total rooms, oak hardwood floors, central air, granite counters, built in two-car garage, private laundry for each apartment, and a five-year tax abatements.
Each property is being named after a region in Portugal, while the price point for the units cost around $499,000.00. An easy mortgage calculator to estimate monthly payments are to add one thousand dollars per every hundred thousand dollars borrowed. Also, these homes feature a seller’s concession of $10,000.00 applied to each buyer’s closing costs.
The opening of the Park Elementary School at 120 Manchester Place a few years ago adds to the lure for families to seek out this destination, while being a stone’s throw away from Branch Brook Park doesn’t hurt either.