Investor · Belleville , NJ · Member since 2015 · 10 posts · 3 votes
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.
Wayne, NJ · Member since 2012 · 17 posts · 20 votes
10y
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!
Investor · Wyckoff, NJ · Member since 2015 · 100 posts · 35 votes
9y
@Hany Mostafa Thanks for sharing your experiences in Irvington. I invest in East Orange and Elizabeth currently and have been looking at deals in Irvington.
Have you had success with your renters? Any curveballs since your last post?
Investor · Narragansett, RI · Member since 2013 · 8k+ posts · 4k+ votes
9y
So pleased to see people investing in Irvington, I lived there and worked in Newark years ago. To tell you how long ago rent for a 1 bedroom was $430/ month. Cash only. I was towards the Maplewood side and it was a decent area, not as nice as some but a great place to live. There are good people that need good places to live in these areas, screening counts. Sorry to hear the town is difficult.
Agent / Investor · Newark, NJ · Member since 2015 · 95 posts · 60 votes
9y
I currently live in Irvington near Irvington park , I also own 3 rental properties near Irvington park I must say I have not had any problems with my tenants .
Investor · Tampa, FL · Member since 2013 · 2k+ posts · 1k+ votes
9y
@Account Closed I'd say if Irvington had it's own train station that might be a good play long term. I can't believe I'm actually saying this but I think if you'd want to take that approach with the lots you'd be better served in Newark. With the Billions in dollars the city is attracting in investment, it might be a better long term play. Irvington only has one large investment project going on currently, called The Hill Top. The first phase is under construction. There's not a good way to understand if this will have a dramatic impact upon the town. Hope it does. But I think Newark would be the safer choice if you're going to speculate like that.
I've seen a few other projects happening, not to that scale, but investment nonetheless. I just pulled the trigger on a big 3 Family there yesterday. It will be for cash flow but appreciation would be nice as well.
Agent / Investor · Newark, NJ · Member since 2015 · 95 posts · 60 votes
9y
I will not recommend buying empty lots in Irvington, you will be better off buying a 2 or 3 family REO cash at a steep discount.I won't touch any property in Irvington unless I can buy for at less than 25 cent on the dollar of the ARV .
Riverdale, NJ · Member since 2017 · 1 post · 0 votes
9y
I am going to buy first property in Irvington NJ as a multifamily home. I like to get a person who can do some sheet rock repair painting the rooms and upgrading Kitchen.
So.... New to the forum, and RE Investing. Curios to see how everyone's Irvington, NJ investments are working out? I'm from Long Island and am considering purchasing a Multi-Family in Irvington. I drove over the bridge yesterday to see the area first hand. Growing up in poverty myself, I didn't see much I'm not familiar with. However, it definitely has a stuck in time 1980's feel. I would not be living there, just trying to embark on my "BRRR" journey. Any 2019 thoughts/comments would be greatly appreciated! Hope to hear from some of you all.
So.... New to the forum, and RE Investing. Curios to see how everyone's Irvington, NJ investments are working out? I'm from Long Island and am considering purchasing a Multi-Family in Irvington. I drove over the bridge yesterday to see the area first hand. Growing up in poverty myself, I didn't see much I'm not familiar with. However, it definitely has a stuck in time 1980's feel. I would not be living there, just trying to embark on my "BRRR" journey. Any 2019 thoughts/comments would be greatly appreciated! Hope to hear from some of you all.
Rental Property Investor · Fort Lee, NJ · Member since 2019 · 82 posts · 22 votes
6y
@Johnathan Boyle this is a few years later...but how was your Irvington experience? do you still have your property there? Good or bad experience with the town? How was the tenant situation? I'm looking for new towns to invest in in NJ. I was thinking Irvington near Maplewood may have potential.
Real Estate Agent · Belleville, NJ · Member since 2015 · 408 posts · 94 votes
6y
@Megan Brooks
Irvington has been great. I got in with a VA loan at around $170k. So in total put down around $10k with closing costs etc. I was the realtor so I got a commission off it. My first tenant was good until she wasn't which I evicted her fairly quickly and now I have a great tenant paying $1900 for a 4 bed 2 bath home. She complains about many little things but it's because it's an old house. I recently moved to belleville and I use the other portion for my parents so the property sustains itself and I don't have to charge my parents. Only thing is the second you purchase the property, the taxes will go up based on what your assessment was before to what your purchase price is now. But overall, my appreciation has been good. I'd say my property is worth around $280k now give or take.
@Danielle Hayes-Ward Hi Danielle! Although, your post is over 5 years old and I'm curious to connect with and learn if and how you were able to accomplish investing in Irvington, NJ.