Irvington nj market

21 Replies

Hi every one here 

I am looking to do the BRRRR strategy in Newark NJ and i am following the market for a while, like driving around getting leads from a broker.

It seems like Newark is getting very hard to find a good deal that makes sense 

So i am asking you guys what do you think about Irvington is it good ROI? is it war zone like the souths in Newark? Has less competition then Newark?

Any comments are appreciated 

Thanks so much 

@Michael Smith

I had in-laws who tried to buy a primary residence in Newark-Irvington area, so I have a basic idea of the market there. 

What I have seen and experienced is that, like you said, Newark is getting very competitive with investors buying up stocks of houses very quickly and flipping them. Its very attractive investments due to the low property taxes comparatively to the rest of NJ. 

Irvington, I would say is the twin brother to Newark. It is experiencing the same sort of turnovers and flips. The market is getting hot and competitive very quickly.

Here is an example, my wife's friend whose husband is a contractor saw a fixer upper house in Irvington for 99k. It had good bones and other attractive amenities. She had put in an offer of 105k. When the sale of the house was finally announced, guess how much it finally sold for? 150K. That was just the pre-renovation price. 

So moral of the story is, go in with an open mind and bigger wallet. Irvington and Newark are not going to see a near over-night gentrification that Brooklyn did but IT IS happening and many other investors see its potential and locking in their investments as I type the words on this page. 

Hope this helps. Happy Investing. 

thanks for your time and help Brian adzadi

I see that there is more inventory then in Newark for a price that makes sense

But let me ask you what are the rent price in Newark a 3 br is renting for 1500 range is irvington different 

Is the  numbers the same? 

@Michael Smith

So, going back to my in-laws, they finally found a house in Irvington but the deal fell through at closing. They were frantic to move because they were on the 28th day of the 30 day notice they gave their landlord in Brooklyn. Luckily their RE agent, husband was also a landlord and found a 3 bedroom apartment in Irvington, fairly descent family friendly block for about $1,400. So one can surmise the rent in Newark and Irvington is approximately the same give or take $50-$100 difference.

@Michael Smith

That is where doing your due diligence and driving around the area comes in handy. I truly can't tell you on a block by block basis which section is good. I suggest you visit and drive around the area at lease 4-5x and at various times of the day; morning one day, afternoon the next and night time the most, also include the weekends, especially Friday and Saturday (That is where the rowdy crowd tends to come out the most).  

@omar ismael

Omar can help you as he found my 1st property in newark at the end of last year and we are currently looking for my second one. He is a realtor and an investor himself and knows the area well.

I'm surprised no one mentioned the higher taxes in Irvington compared to Newark. Almost twice the amount in some cases. And it's not going to get any better. But like most of New Jersey the better neighborhoods are the sections of the city that border the better towns. So the part of Irvington that borders Newark is not going to be nearly as nice as the part that borders Union and Maplewood.

I recently purchased a 3 family in Newark, NJ on the south side. As stated earlier the property taxes are less than Irvington and East and West Orange. Average 3 bedrooms can rent from $1,300 to $1,600 depending on the amenities. 

One website I used to advertise my listing was GoSection8. Even if you don't want to take the section 8 program there are people whom pay cash and search for apartments on that website. Zillow was very helpful as well. 

I would be careful calling Irvington the twin brother of Newark ... it's more like your crazy cousin .... there are definitely deals to be had but you need to go there in person and check it out for itself. I had a listing recently where across the street there is a loudspeaker blaring on repeat "Warning, your picture has just been taken and sent to the police. You will be prosecuted" .... never mind that people lived in the houses next door ... 

I'm not saying don't buy there, just that it's not for the faint of heart and you need to do your due diligence. Don't take someone else's word on what is a "good" vs. "bad" area. 

Happy Hunting!

Originally posted by @Ray Reed :

stay close to the maplewood and union borders.. avoid the south 20, 21st  

true, but there is the whole town in between south 20 to the other side that borders with Maplewood, 

 

Originally posted by @Lashawn McCauley :

I recently purchased a 3 family in Newark, NJ on the south side. As stated earlier the property taxes are less than Irvington and East and West Orange. Average 3 bedrooms can rent from $1,300 to $1,600 depending on the amenities. 

One website I used to advertise my listing was GoSection8. Even if you don't want to take the section 8 program there are people whom pay cash and search for apartments on that website. Zillow was very helpful as well. 

You get more feedback on go section 8 than zilow?

 

Originally posted by @Kevin Schaefer :

I would be careful calling Irvington the twin brother of Newark ... it's more like your crazy cousin .... there are definitely deals to be had but you need to go there in person and check it out for itself. I had a listing recently where across the street there is a loudspeaker blaring on repeat "Warning, your picture has just been taken and sent to the police. You will be prosecuted" .... never mind that people lived in the houses next door ... 

I'm not saying don't buy there, just that it's not for the faint of heart and you need to do your due diligence. Don't take someone else's word on what is a "good" vs. "bad" area. 

Happy Hunting!

The story with the loud speaker is a rare situation, was that near newark, next to a big empty lot?

 

Originally posted by @Sami Gren :
Originally posted by @Lashawn McCauley:

I recently purchased a 3 family in Newark, NJ on the south side. As stated earlier the property taxes are less than Irvington and East and West Orange. Average 3 bedrooms can rent from $1,300 to $1,600 depending on the amenities. 

One website I used to advertise my listing was GoSection8. Even if you don't want to take the section 8 program there are people whom pay cash and search for apartments on that website. Zillow was very helpful as well. 

You get more feedback on go section 8 than zilow?

No I don't get more feedback from go section 8. Facebook market gives me the most feedback from all other sites.  

 

Originally posted by @Kevin Schaefer :

@Sami Gren yes right on the border of Newark ... Vacant lot. I sold a 3 family right across the street. 

Got it!

that's the only one, that one lot does NOT  represent Irvington, and it is indeed getting better ever day!!!