Woodbury, NJ - information welcomed!
Hi all - does anyone have any information about investing in Woodbury, NJ? Looking at a few properties there but would like to know about any "gotchas" -- crime, flooding, tough local government, special rules, etc.
I would appreciate your insights!
Hey Joe -
We've spoken before on Woodbury but I figured I'd provide this information for anyone else who may be curious and to help spark the conversation.
Woodbury is very similar to Gloucester City in the sense of demographics, rent roll, house conditions, and tough local government.
Its a blue collar town with moderate crime. The buildings, especially the multi-families, are old so do extra due diligence when estimating repairs. That said its the seat of Gloucester County so it will always be an economic hub in some shape or form.
ARVs on duplexs float anywhere around 120 to 160ish after they are rehabbed.
-MB
I second @Mike Bonadies and add that sometimes the taxes can be higher then comparable prices for some other local towns in the area that have similar rents.
@Mike Bonadies - thanks for your insights, good idea to share with the rest of the class!
@Stephen Kappre - thanks for weighing in, which towns would you consider have similar rents/lower taxes? It looked like from a non-educated perspective, at least with some of the properties I was looking at, taxes were comparable to Gloucester City, and rents were slightly higher?
I own a quad in Woodbury. Good cash flow. I try to avoid buying in the pocket east of broad and south of cooper, which is the roughest part of town.