Newark - Ironbound Rental Strategy - thoughts?

[Steven Kelts]

Hello All.  We are closing on a multi-family in Newark NJ next week, the property is a four minute walk to Penn Station and has great rental potential.  The home is dated in style and has not been renovated since the 60s but has been very well maintained and we are receiving a home that is furnished.   It it is two units consisting of one unit - a 2 bedroom, 1 bath with access to a basement with a full bath and a 2 bedroom, 1 bath plus an attic that currently has two beds.  There is significant construction in the area with several condos going up and we had an idea for tenants.  We were thinking about approaching the construction workers who are working on a building being built right beside our property with a completion date of October 2022.  

We were thinking the following:  1) we know these potential tenants have a paying job, 2) no commute for the tenants which would be appealing 3) most are men who are working and sending money home to their families so a dated decor is not a big deal and they just need a place to crash 4) renting these guys enables us to get income immediately vs spending money updating the property.   

Our ask of this community is - are we missing something?  Are there risks we are not considering or actions we should take to cover ourselves.  It is the first time we are renting out a multi-family and would appreciate the collective experience of this forum.