Downtown Paterson's 07501 is anchored by the Great Falls National Historical Park — Alexander Hamilton's original vision for American industry. The surrounding neighborhood has multi-family brownstones and row homes dating to the 1880s-1920s that are ripe for renovation. Pre-foreclosure properties here are typically owned by landlords overwhelmed by NJ's regulatory requirements, lead paint compliance costs, and property tax bills. Acquire a three-family brownstone at $280K-$350K, invest $40K-$60K in code-compliant renovation, and generate $3,600-$4,800/month in rental income from three units — or flip the entire building for $450K-$550K.
Don't let another investor beat you to 07501 — Downtown Paterson's distressed properties. AI calls first.