Here is the quick pros and cons on both.Gloucester: Pros -  Good tenant pool, strong schools, most houses have public utilities, consider the more desirable area of Sicklerville by the local populationCons - higher taxes, pulling permits takes the full ~21 days, higher home prices, overall thinner marginsWinslow:Pros - Lower cost houses, rental friendly township, strong demand for rentals, slowly up & coming in certain neighborhoods, lower taxes, overall fatter marginsCons - Lots of C and D neighborhoods and lackluster tenant pools, poor schools, the more east you get the more well/oil/septic you find, considered less desirable area of Sicklerville by the local populationBy the numbers both GC and WT have similar rent rolls only off by $100 to $200 depending on the house type, therefore Winslow you will net more but have a slightly riskier houseAgain this is just a general view, you'll want to look at each sub-division as there are massive swings within each twp (Ex: Brittany Woods compared to Cobblestone in GC)

I can put in the extra cash, its just an annoyance and lowers my ROE in the intervening time.

Well $1,000 is really nothing, so the lower offer might have a better lender, better agent, better terms etc. 

Lower taxes, and prices are not as inflated as Westchester.

Air BnB has 6 times the users and platforms like Booking.com can acquire customers at a much lower acquisition cost.

Obviously regulations in the US are much less complicated, taxes lower, laws much more landlord-friendly and profit margins higher than in Germany.

A - Invest $100, add value to $120, market corrects to $100 in year 1, but you achieve an 8% return from cash flow and principal reduction.B - Invest $100, add value to $120, market remains as-is (or it takes longer to correct), you achieve target returns of 15-20%C - Invest $0, earn $0.Substitute appropriate figures...just trying to generate dialogue.It's hard to model things like a market correction or rising cap rates, get excited about lower returns, and make a purchase but idle cash and the war chest strategy (scenario C) can be costly relative to scenario A (except with an appreciation only/market timing strategy...let's ignore that one for simplicity).Many of us have analyzed and turned down a ridiculous number of deals and we see a lot of posts about waiting for a correction but the math seems to suggest otherwise if investors are adding enough value (and generating cash flow, using long-term debt, buying in solid locations, or investing for the very long-term).  

And give them some incentive to do this, such as a break on their outstanding balance, lower payments, lower interest, reduce their arrearage or combination thereof.   

I would never plan on Vacancy lower than 8.34% (That's one months rent).  2.5% Maintenance and 5% CapEx are also low. 

Or if a slightly lower bracket the higher end GE/KitchenAid package.