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We are looking for an investment property in and around the Livingston area of NJ. We will need a small place to use as a crash pad a few nights per week; otherwise, we live in NYC. Our thought is to purchase a multifamily investment property with 2 units. Something ideal would be a house with a 2 or 3 bedroom to rent and a small unit or even basement unit for us to use. It would be great if we could find something where the rent will cover most if not all the basic monthly carry costs (mortgage+tax+insurance).
My question to everyone here is where would you recommend for buying a property with ample rental tenants, prices at ~$350k or under, and within 20 minutes drive max from, say, the NY Sport Club off W Northfield Rd and S Livingston St?
West Orange seems decent as well as South Orange. A thought was to buy somewhat close to Seton Hall and perhaps have a larger rental pool from students there (quiet grad students, not undergrads). Just some thoughts would be very helpful as far the areas I mentioned, other areas, and how realistic is it to get a decent clientele that are dependable, in good finances, and generally good tenants. It would also be super helpful if you could mention what public transportation is available to get to World trade center area NYC (train, bus, etc. from where?).
you might check over by St. Barnabus hospital. there are lots of rentals over there where many doctors and nurses rent. Check the stuff on hansen rd and scenic hill condos.
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