From the Bronx to Bridgeport

[Garrett M.]

Hey BP people, 

I am looking to diversify and expand my property search outside of NYC, within an hour of the city and have my sights set on Bridgeport, CT. From what I have found it seems to be a good spot to acquire some property. Relative to NYC prices are lower, rents are comparable however taxes seem to be a bit higher - my calculations seem to offset this with the income per unit over the acquisition cost. 

Specifically I am looking at 3+ units in the Black Rock / Blackrock area south of I-95. My research tells me this is the 'good' area (or one of the good areas I should say) of Bridgeport. I'm interested in this area over Bridgeport as a whole as I have read that finding and keeping good tenants in Bridgeport can be difficult whereas the Black Rock area, I believe, tends to attract a more professional and stable tenant. 

Another key factor that has me looking at Black Rock is my plan to manage this future property myself, hence the need to have a more stable tenant pool who would hopefully cause less wear and tear than in some other areas. I am however not opposed to connecting with a property manager for other areas in CT that need a more hands on and local approach to manage effectively. 

My research also tells me that West End in Bridgeport is a 'good' area however looking at some crime stats I see there is a lot of activity in this area. North End, Bridgeport doesn't seem to have much on the market at the moment however the more south you go (to West End) the more houses on the market and then you get into the higher crime areas. Would anyone local be able to confirm this?

Right now I'm looking to connect with other investors and agents that are more familiar with the area and are looking for opportunities in the 3-4 unit space. 

Thanks everyone!!