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!