North Jersey and the 2% rule
I know that in certain markets expecting a 2% monthly rental/purchase price is unrealistic. I've been evaluating properties in North Jersey in towns like Wayne, Parsippany, Rutherford, Nutley, Summit, Cranford, Westfield, Montclair, Vernoa, and Weehawken. I don't see anything approaching 2%, what percentage do other investors in this area typically consider to be an acceptable monthly income/purchase ratio?