West New York, NJ Duplex , buying with existing tenants in place

[Mark Gee]

Hey BP!

I'm venturing into a new town in Hudson County for my next project, and I'm wondering if we have any WNY pro's to point me in the right direction.  I'm looking at a duplex with two 2 bed 1 bath apartments.  The house needs tons of work and the price reflects it.  I have many questions but I would really appreciate an answer to these below to understand the picture better.

1) Does WNY have rent control?  Can anyone give me color on the details of how it works?

2) The town assessment values are really low.  I realize this isn't necessarily telling, but I'm wondering if there's a reason many duplexes are assessed at between 100k - 125k. 

Thanks very much for any answers.  I'm really liking this area for investment.