Paterson, NJ (075 01-44) - Does anyone invest in this area?

[Angel Gonzalez]

Hey BP community,

Angel here - I'm a rookie real estate investor in the Northern New Jersey area. My business partner and I are looking at a few properties in Paterson, NJ and we would like to get someones take on the overall real estate market as of today.

My analysis:

• - Prices are heavily inflated due to the current sellers market but to my understanding.. the prices on houses in the area have been increasing over the past few years now. 

• - An 'opportunity zone' for the state of New Jersey that has attracted small business investors and a large pool of real estate investors as well.

• - Most homes don't seem too developed... which leads me to think... appreciation is mostly because of the land the home sits on, not the home itself.

• - Playing to my last point, pretty competitive of market real estate (which can result into bidding wars on investment properties.)

• - Medium home value range is in the $340,000 range (My guess based off of a few deals I analyzed but would love to hear everyones thoughts!)

• - With it being the largest city in Passaic County, it has a population of about 145k

• -  I grew up not too far from Paterson (Hudson County) and I've heard some quite unpleasant things about the city (could be a bit rough in certain areas)

Given the overall market, we believe for the right price and area; Paterson can be a lucrative area to invest in.

Would anyone like to add to this analysis? Any investors in the area who can pass on some REI wisdom?

Much appreciated!

-a