Been seeing a lot of triplex homes in the south area of Newark wondering if it’s a good buy and hold with a good rental income
When I was accompanying my in-laws on their home buying process in the Newark/Irvington area, my eyes opened on how hot the market is. Investors are picking up properties left and right in that area. Single family homes are being sold for $10-30K above asking price.
I suspect because of the rising price of rentals in NYC, tenants are now moving to the Newark/Irvington area. Since the NJ transit can take them from Newark to Manhattan within an hour or so, tenants can get the best of both worlds. Make NYC money but pay NJ rent.
Overall, what I am saying, if its a good deal, don't let it pass by. Investors are really hungry over there.
Be aware of where you're purchasing. Drive the area, speak to people on the street, "kick the tires". As with most major cities, Newark is a panoply of many dynamic sub-markets. The area is very block by block but I can tell you that south Newark in general (think Clinton Hill, Springfield Ave, Weequahic, etc.) hasn't experienced quite the amount of development as some of the other areas in Newark.
@Kevin Urena One thing to keep in mind is that there is a planned extension of the PATH train to the south ward near the Weequahic section so buying on a good block near that planned station could be a good long term bet.