Irvington, New Jersey Market. Thoughts???

4 Replies

Anyone have any thoughts on the Irvington, NJ area? I am thinking of diving into this market for Brrrring as I see many New Yorkers who are fleeing to NJ landing there and not being afraid to pay near NY rents. I know they were known for a bit of a crime problem, but the area seems to be turning, and as a Brooklyn Native I think I have an eye for what a Gentrifying area looks like. Nonetheless does anyone have any thoughts. It seems the market is flush with multifamiles. Any thoughts?

I did some driving for dollars in the area my cousin lives and there are a lot of distressed properties so there's definitely opportunity for fixer uppers. I haven't completed my deep analysis of the area yet. 

Originally posted by @Jimmy Thomas :

Anyone have any thoughts on the Irvington, NJ area? I am thinking of diving into this market for Brrrring as I see many New Yorkers who are fleeing to NJ landing there and not being afraid to pay near NY rents. I know they were known for a bit of a crime problem, but the area seems to be turning, and as a Brooklyn Native I think I have an eye for what a Gentrifying area looks like. Nonetheless does anyone have any thoughts. It seems the market is flush with multifamiles. Any thoughts?

I love investing in distressed areas but this is one area I personally would never invest. Some of the highest property taxes in Essex County, High crime rate along with the lowest rent in Essex County. This area is not in transition or "Gentrifying" they said that 15 years ago and nothing happened. However, I do know investors that have and will continue to make money off cash flow because they purchased low enough where the property taxes had minimal impact. You are much better off in Elizabeth, Newark or EO

 

@Angelo Mart

I'd have to disagree with you on some aspects of Irvington. It's finally turning around due to certain neighborhoods being designated as opportunity zones. I'm personally witnessing the increased demand as a wholesaler and I'm about to do a multi-family Buy and hold rehab there pretty soon. The township itself is still a pain to deal with at times but I'm liking what I see so far.

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