Any Experience in Atlantic City NJ?

[Elliot Landes]

Considering a rental property in AC. Narrowed my search down to Chelsea, Chelsea Heights or Venice Park. Also interested in Ventnor if the right deal comes along. Wondering if anyone on the forums has any experience in those areas.

Based on rents and home prices, the 1%-2% rule seems feasible (despite outrageous taxes), and with the development taking place in Chelsea near the college, I like the appreciation prospects.

Vacancy rates seem pretty high in AC, but I’m wondering if that’s a result of so many places being generally run down/abandon in AC at large, or if it’s actually difficult to rent and find tenants.

In general, what problems have you faced with tenants? Being that some parts of AC are D neighborhoods, I’m nervous about getting played and/or sued by a shifty tenant that knows how to play the game.

Do you have any recommendations for property managers?

[Russell Brazil]

Lots of experience in Atlantic City.  But as none of it is really investment related, probably not pertinent to post the details here.