Anyone investing in Cypress Hills/East NY Brooklyn?

[Michael Charles]

Hi everyone. I am looking to invest in a property this year, through an owner occupied FHA loan. I am renting right now close to NYC by Long Island City. As much as I love this area, prices are extremely high and not affordable for my budget. I did a search, and East New York, Cypress Hills area has been showing some very affordable multi-families. My plan would be to live in one unit, and rent out the other unit.

My only concern, is the safety. I have heard that this is a rough area. Is the area as a whole dangerous? Or only certain pockets? I did a drive through of Bed Stuy and Bushwick to scope out the area. It seems like there was a mix of nicer buildings, and older properties as well. I noticed a "hipster" vibe in some parts. Those areas are crazy expensive though. 

Does Cypress Hill have potential as an up coming neighborhood for investment? I would consider the Bronx as well, but I am not familiar with the area as a whole. Are there any other areas recommended?  Thanks.

[James Northrup]

@Michael Charles I live in Cypress Hills. My wife and I purchased a two family in 2014 and it is going great.  There is very low crime north of Atlantic, which is around a mile from the Cypress Hills projects.  I posted about the crimes levels a while back (https://www.biggerpockets.com/forums/311/topics/13...).  My experience and the statistics show that Cypress Hills has less crime than Bushwick, Crown Heights, Bed Stuy and even Williamsburg.

There was one house on the block that was full of squatters when I moved in, but has since been fully renovated put it on the market.

I'm very happy with our investment.  It's a block from the J train, neighbors are friendly, housing prices are going up, they rezoned Fulton, Atlantic and Pitkin Ave.  The first large scale developments are just starting along Atlantic.

@Tiffany Campbell Most of the hipsters get off before Broadway Junction, but a lot of the artists get off in Cypress Hills and East New York.