Property Manager · New York, NY · Member since 2016 · 388 posts · 90 votes
HI everyone , I have been setting my eyes on NJ.
Saw this property for really cheap price. And is not far from Wall Street New York. ( within one hour )
https://www.redfin.com/NJ/Jersey-City/262-Clendenny-Ave-07304/unit-1/home/36548666
Can anyone tell me the area and if is good buy?
Attorney · NJ · Member since 2016 · 1k+ posts · 794 votes
9y
I can't give any investing advance as to the property itself, other than that it looks like it needs a lot of work and I would get a structural engineer to inspect, and also that it's only 1 floor of the building and the condo stats are important to understand financially where they stand in an old building lik that, but as for location, I think that's in West Bergen section/Bergen Lafayette, which is hot and up and coming at the moment as far as investing. Still a little bit rough (I wouldn't personally walk around alone at night), but if you intend to hold onto it for 5-7 years, it could be a great investment.
Attorney · NJ · Member since 2016 · 1k+ posts · 794 votes
9y
I can't give any investing advance as to the property itself, other than that it looks like it needs a lot of work and I would get a structural engineer to inspect, and also that it's only 1 floor of the building and the condo stats are important to understand financially where they stand in an old building lik that, but as for location, I think that's in West Bergen section/Bergen Lafayette, which is hot and up and coming at the moment as far as investing. Still a little bit rough (I wouldn't personally walk around alone at night), but if you intend to hold onto it for 5-7 years, it could be a great investment.
Rental Property Investor · Long Island, NY · Member since 2015 · 490 posts · 301 votes
9y
Honestly i wouldn't bother with a condo unless you want to live in it. The area is pretty good on my opinion i own an investment property 2 blocks away. I think if you wanted to move there its pretty cheap for housing but you wont make money on it as an investor. I think@Jessica Zolotorofe is right its important to check on the condos financials as ive seen more than one foreclosure in that building over the years.
Brooklyn, NY · Member since 2016 · 4 posts · 1 vote
9y
Hi all, first time real estate investor here and looking at the property above in jersey city. Real estate agent told me it should be able to rent for $1300 a month so it appears that it would be cash flowing. Why is this not a good investment? Still need to review the condos financials.
Rental Property Investor · Union city, NJ · Member since 2016 · 203 posts · 43 votes
8y
Ok, that is a condo and i bought mine for same price 2 yrs ago in union city. it easily can rent 1500-1800/m depending on how you sell it to prospective tenants. a room in my condo thats again just like this in union city get 4 digit rent.. and no parking, no washer dryer etc.
anything below 150k is a no brainer.. unless it needs remodeling. than idk, not well versed in that. and HOA must be super low, 200-250/m max. another condo we have in union city even the parking spot rents.. 150/m so any amenities like that are good