Essex County NJ Cap Rates

[Ryan Donohue]

Happy Monday BP!

     I'm currently looking for my first investment property in Essex county and I'm curious if anyone has properties in either Montclair, Bloomfield, West Orange, etc and wouldn't mind sharing.  I came upon a property I'm currently analyzing that looks to be a 7.7% cap and think it might be good for the area but wanted to bounce it off of other experienced investors in the area.  Also, yes I know Essex varies A LOT from the Oranges to mega-mansions in Glen Ridge but I'm looking for the "typical" rental property.  Any info would be beneficial as I begin my journey in buy and hold.  FYI 7.7% was with it fully occupied at rent now, although I plan to live in a unit for a little while and "house hack."

Cheers, 

Ryan