Thoughts about Pitman NJ (Gloucester County) Market

6 Replies

Both. Awesome town, popular Main Street, and right next to Rowan University, which expands by the second. I’m in Pitman 3-5x a week for their stores etc. I haven’t invested there yet but wouldn’t hesitate to. 

It really is an awesome town.  After analyzing numerous pitman properties, I'm finding that the high taxes really eat up cash flow.  This is true about most of south jersey.  If you're a speculative investor, I do believe Pitman has large potential for appreciation due to a number of growth factors in the neighboring town of Glassboro.  Speculation, of course. 

@Winnie Cheng

I like Pitman. I have an office building there that cash flows like crazy. Older homes but you can find good multi families there. With the lower prices usually comes an appealing cap rate. But it’s a good safe area. 

@Winnie Cheng -  I would echo the thoughts of @Stephen Kappre . Rowan Uni has manifest destiny going on right now and the college is exploding in both student base and employees which makes the surrounding towns and excellent place to invest. That said, there is more potential for fix & flips then buy and holds due to the high taxes of Pitman. Pitman's proximity to Rowan makes it a common searching place for starter homes. Many friends of mine have personally bought there for their first home. All of them being flips.

Here are some things to watch out for or things I've seen in most distressed Pitman houses:
-Knob & Tube is rampant due to the ages of the house, be sure to verify the electrical service and type.

-Flooding basements are common in Pitman because most are unfinished. Check for water damage.

-Foundation structure is another to look out for. Most distressed Pitman properties I've walked have had deterioration of the walls of foundation or of the load baring structures. I've even found a house with the original timber pylon still intact and functional.

None of these issues are show stoppers just make sure to verify it during your walks and bake it into your offer. If you are looking for cashflow Glassboro & Clayton can serve you better.

-Mike

Would anyone be interested in partnering up to look for a college dorm type of project. Maybe a 10 unit building with a common kitchen area, I'm thinking a shared office type of space but for live in students. I'm not sure how many out of state/town students are looking for housing at this point but it could be a solid investment. any thoughts

Has anyone thought about a college dorm type of project. Maybe a 10 unit building with a common kitchen area, I'm thinking a shared office type of space but for live in students. I'm not sure how many out of state/town students are looking for housing at this point but it could be a solid investment. any thoughts