Investment property in The Heights, Jersey City

[Dawid Smolenski]

Hello everyone!

I am exploring the option of investing in a long-term rental property in The Heights, Jersey City, with a budget of $450,000. I have noticed a recent trend of significant property price increases in the area (link to redfin), and I am considering focusing on home appreciation as a potential investment strategy. However, I am unsure if the market may have reached saturation levels. Also, positive cash flow with a 20% down payment seems achievable, but I would appreciate your opinions and insights, particularly since this would be my first investment property.

The good fact is that the mayor of Jersey City resides in the area, which could be a positive factor (or I'm mistaken).

Lastly, I am open to exploring other areas in New Jersey if they offer better investment opportunities.

Thanks in advance!