Hudson County Questions

[Claudia Ho]

Hello everyone, 

I found some properties with high potential in the Hudson county area ( Union city and West New York) and wanted to hear your thoughts. 

1) We saw a 2 family that can be each rented out at 2,000 each. The realtor had stressed that this was an vacant unit and because the previous owner had lived in the property, the next owner can reset the base rents at any figure ( clearly market rate to get it rented) but year over year increases is set at the CPI rate. Is this true? 

Also, if I occupy one of the units, does this rule still apply? 

2) Theres a coop where it acts like a condo and there are 5 units for sale out of 50 total units. I'll be using this as a primary residence but with the intention of turning it into a rental down the line. Is there something going on in the area which there is such a high ratio of for-sale units? 

Thank you for your insight! 

Claudia