Investing in Union City/Bayonne NJ

[Marta K.]

Hello dear BP members! I am looking to buy a multifamily property in North NJ and have been looking for a good town to invest in. Recently I have been analyzing deals in Bayonne and Union City NJ. Does anyone invest in these markets?

I like Union City neighborhood but I have heard that this town has strict rent control laws. I came across deals where the rent for 2 bedrooms was between $400-900 which I think is extremely low for Hudson county (6 units, 1930-year build, purchase price 630K, NOI 31K, cash on cash return ~2%). I wonder how hard would it be to raise the rents there?

Secondly does anyone invest in Bayonne NJ? I have heard that this area is beginning to grow and have a great potential for r.e. investors.

Would love to connect with like-minded people from the area. Thanks so much for your time and advice!