New Jersey Investing Ideas

[Isaac S.]

I have one 2-family in NJ that I am renting out and looking to add one buy and hold property (preferably in North Jersey). Now, it seems like buying outright is not very profitable and so I am trying to brainstorm ideas for buying something that needs significant work, then rent it out. I am not looking for specific deals, just ideas or strategies to do that. 

For example, I heard people buy single family homes then make them 2-family if zoning allows. What some strategies to add value and allow you to compete in less crowded sales that worked for you in NJ?

Thanks,