Bloomfield NJ Watsessing station area investors?

[Jordan Gregg]

Are there any investors on BP who have property in the Watsessing Ave area of Bloomfield? I would love to connect and hear your thoughts on the area and especially market rents......

Hello BP community!  I am a new investor planning to owner occupy my first multi unit property.  I've digested a lot of knowledge and practiced running numbers over the past few months to the point where I feel well equipped (enough) to take the plunge.  One thing I'm struggling with however is my ability to really understand the local markets in some of the areas I've been targeting.

Among a couple areas, I think Watsessing Ave in Bloomfield has great transit, appropriately priced properties (cash flow opportunities), and there seems to be some serious development happening (new supermarket and luxury apts just finishing a short walk east of the Watsessing Ave station).

I've driven many of the streets and seen a few properties in the area to get a feel.  Aside from a few streets, I think it has an ok vibe to it (not North Bloomfield/Montclair, but not like rougher areas a little further south).  It's also tougher to tell in the winter months when less people are outside.  Does anyone have a good picture on the tenant class/who is renting?

I think the biggest "?" that could sink the ship is my analysis of market rents.  I do everything fairly conservatively, but a few hundred dollars off can really make or break a lot of the properties I'm seeing.  I've been looking at Trulia and Craigslist to make my determinations and understand there can be a big swing depending on the general quality of the apt.

Any insight/advice is greatly appreciated.  Thanks all!

[Tim Pagano]

I live only a few miles from your prospecting area.  That distance can make a huge difference.  Yes you are looking at one of the rougher areas in Bloomfield.  I know the properties you're looking at and I don't see that area turning around just yet.  There's a lot of large apartment building going on but I'm concerned that there may be too much building given the number of jobs in the area.  RE investors have a tendency to overbuild capacity during boom times and we've had a long run so far.  Bloomfield schools are not the best, though some of the elementary schools are quite nice. 

Who do you want to rent to is the question?  South of the RR Tracks and east of the Parkway are not going to get the premium prices that you're seeing along Bloomfield Ave.  The Watsessing area can get a little rough.  Last fall our girls soccer team had a game canceled because one of her friends found a dead body just off the pitch near the parkway.  I like Bloomfield.  I've just decided not to invest in that section of town.  Right now I'm doing flips because going long just doesn't make sense to me given all the craziness politically.  

Have you looked at Rentometer.com?  That will provide you the higher end rents.  The area you're looking in does not draw the same kind of rent though.  I would think in the $1100 to $1500 range.  Also have you talked to any property management companies to get their take?  That is if you're going to farm that work out.  

Good luck and let me know how it goes.  All the best.