Investing in Lodi, NJ.
Hello BP Family! I'm a new Investor from New York. Property values in New York are extremely high, thus I decided to invest in New Jersey. I saw a two family house in Lodi which needs some repairs, around $30K, and is currently selling for $250K. This will be my first deal and I intend to live in one of the units and rent the other one.
However, I don't know much about Lodi and this property is located in a flood plain 500yrs zone. I was wondering, what is the likelihood of a flood in this zone and will it be an issue in the future to sell the home if a better opportunity arises? Also, does any local investor know how much a two bedroom unit would rent for in this area?
Any advice from experienced investors would be greatly appreciated.
Thanks and good luck to you all.