Buy and Hold Northern New Jersey

[Glen Woshnak]

Hi, this is my first question posted on this forum, so please forgive me if anything I asked has been discussed before (or link me a previous thread, if you could be so kind)...

I live in Northern New Jersey, specifically Morris County, and I am interested in investing in single and multi-family.  I am just getting started learning how to analyze deals, but in my initial research, it looks like getting positive cash flow in my neck of the woods is going to be difficult.  Some areas that are a little rougher look OK for cash flow, but still not great.  I have also looked at Eastern PA (East Stroudsburg, Scranton, Wilkes-Barre) where prices are more affordable and cash flow numbers look better, but I am concerned about the economy, declining population, and vacancy rates.  Any ideas how I can figure some of this out and narrow down a market?  I have already researched REIAs in NJ and PA and plan on attending some meetings next month.  I also plan to call some preperty managers in PA to get some insight into vacancy rates there.   Am I headed in the right direction? Thanks for your help!