I feel more comfortable owning properties (even if cash-flow negative temporarily) in the major urban markets.

If you plan to leave them and rent it, make sure there are no major moisture issues in your crawlspace. 

The roof is a major ticket item that can really hurt the renovation budget. 

Designing new construction or major reno is different.

Suggest a full inspection, foundation, termite as well as roof.Any major issues like zoning, foundation etc, is a deal break.What is the unemployment rate there? 

There is no point in trying to retrain a bad tenant.Why is your rent below market, this is probably a major part of your problem.

Hi NNJ BP Members - Can someone help me determine the cost of construction for a major renovation in Northern NJ.

A majority of those would probably be rejected by us for one reason or another, but it shows that the demand is there.There is currently one house for rent in a less desirable area, and it is falling apart.

There was also a fire in the home less than 3 years ago, so all the major ticket items have been replaced already.

Listed properties have gotten to crazy prices like the majority of the RE markets out there these days.