There are a few different areas in Trenton, and they all appeal to different types of investors. Most people like Chambersburg because it is very desirable for tenants, it is still at a good price point and the rents are Strong. For 60k you can get a house that's REALLY nice and big that would rent for $1,200.
Then there is Franklin Park and Villa Park, which is desirable, but with a lot of owner occupied and retail buyers driving up prices for investors. A house would get the same rent as Chamberburg but cost up to 100k.
Then there is Chestnut Park. It is pretty good except for the corner of Home and Jersey Streets which is plagued with dilapidated houses and board ups. I really nice house in this area would go for about 50-60k and rent for $1,100. I have noticed that a lot of the houses in Chestnut Park have stupid high taxes, so you need to keep an eye out on that.
Wilber Section has some areas that are very run down and chock full of board ups. There are some people betting on the area because it is so close to the train station and the redevelopment that has been coming along with it. Rents are a little less than the rents in the rest of Trenton, but the prices are closer to 30k-40k for a nice house.
West Trenton has some areas with HUGE old awesome houses. Some of those areas are beat up and destroyed with boards ups and the like, other areas still really nice there, and there is also some redevelopment over there. Because the houses are so big a lot of landlords are doing well with high rents from section 8. Prices and rents vary greatly in West Trenton.
East Trenton is very popular among investors. The rents are pretty strong and the taxes are really low. A nice house can be purchased for 40k and rent for $1000 with low taxes to sweeten the return. There are a few streets and intersection to watch in East Trenton as far as ease of finding tenants, but a lot of stuff seems to be happening in East Trenton for the better right now.
South Trenton has a lot of new retail house buyers coming in. It is near the Waterfront Park and Arena. There is some great new construction housing in South Trenton, and very desirable for both tenants and homeowners. The prices seem to be creeping up quickly in South Trenton. 60k can get you a really nice house in South Trenton and rents can be $1,200 plus.
No matter where you are in Trenton there are pockets that you need to be aware of in ANY Section. I mentioned most of them.
I like investing in Trenton. The city inspections are what they are, but seem fair. And I like the fact the the eviction process if you need to go down that route is very quick and fair.
Just like being a landlord ANYWHERE. Property management is the KEY to a successful investment. If you do it your self or hire someone, you need to know what you are doing.
If you are looking for management in Trenton, Feel to reach out to me for suggestions.
Good Luck,
Stephen Chatto
Originally posted by @Account Closed:
I have been looking at several properties online the last few days/ weeks in Trenton as well. As an outsider, it is kind of hard to see where the rather save neighborhoods are and where not, I feel.
Therefore my questions:
- Could you help me with names of rather good/ close to good neighborhoods?
- what ROI do you have & expect for these areas?
- Could somebody suggest a property manager?
- and have you seen already improvements in Trenton overall?
Thank you all very much already in advance. I will do further research now and would be very happy to get to know someone people who are interested as well.
Sandro