Investing in Irvington NJ

[Owen Buchanan]

I'm a new investor that just purchased a rental property in Irvington NJ.   I have since been warned to get out of the property and that Irvington is not the place to be due to high taxes, tough neighborhoods, and high risk tenants. I will be managing the property myself and I am very aware of what I have signed up for, but I am curious to hear feedback from other investor that may have invested in (Irvington) or may have avoided this area. Why have you invested in or avoided the area?

Property was purchased for 19K and was a complete gut rehab (done with 40K). The rehab is 80 percent complete and will be listed for 1500 a month (3BR, 2bath, forced air, driveway)...getting antsy as rehab completion draws near.

[Danielle Hayes-Ward]

Hi Owen,
I actually bout my house in upper Irvington which needed rehab work. We bought for 17.5K, then rehabbed ourselves spending a total of $50K (purchase and rehab). We're about to buy more because we plan to invest (buy and hold) more into Irvington mainly because we plan to redevelop the township. The taxes do not bother me as they are around $4K/yr for some and $6k for others I've seen. Upper Irvington is the way to go if investing. I'd stay away from the numbered streets as that's much more to deal with with higher crime rate, poverty, etc...Only problem with Irvington I see is you will have a niche group of buyers or renters. Most ppl will not want to buy a home in Irvington unless investing. Rent however?Yes! I will be working with the city council to progress Irvington! It will be redeveloped it's just a matter of time! I'm not in investing just to make money I plan to make a difference. I think with how low some of the houses are its still beneficial to buy and hold or even flip if a buyer is presented. Newark once had a very bad reputation and now it's being redeveloped dramatically! Irvington much smaller and close by can be also!