Has Anyone Ever Looked into Camden, NJ for Investing
I grew up close by to Camden NJ and if you know anything about the area, you know it is one of the worst crime areas in the entire country. But it has an unknown charm to it that I do not believe hardly anyone knows of yet. from talking to people who invest in Camden, you can buy a townhouse for around 60k, spend about 20k in repairs and rent it for $1000-$1200/month. The demand for houses is always there as 66% of the population are renters. It is also across the river from Philadelphia and the average person there cannot afford a mortgage which grows the need for renting. Camden is a low barrier to entry place and I have calculated (along with someone I know who invests there) that there are dozens of houses on the market that can generate great cash flow for little start up. A $40,000 investment can net you about $4,800/year on average from what I've found. I would like to hear your guys' thoughts of this.
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Cheap properties often end up being the most expensive and least profitable. High maintenance, high vacancy and low appreciation but look great on paper for cash flow if tenants actually pay the rent. Not recommended.