NJ Long term rental
Hi guys,
First post and very new to REI. I am trying to buy my first rental property. Have a few questions and would really appreciate some expert opinion. Budget is ~500k.
1. North vs South: Where should I be concentrating on? I understand north is more expensive than south. My budget would get me a duplex in north vs a bigger unit in south. Rents are also higher in north compared to south. But, what's better in terms of return?
2. Neighborhood vs vacancy: Some areas that are marked very safe e.g. west central and north central (Amwell, Hillsborough etc) have properties that stay in the market for a very long time. So, I am guessing they are not very popular with investors or the demand for rentals is not that high? So, how do I balance neighborhood safety vs rental demand? More affluent neighborhoods, either I can't afford or multi units are extremely uncommon.
3. Particular neighborhoods of choice: So what are the particular areas I should focus on that is in a decent neighborhood and gives me good returns?
Appreciate your honest feedback!