Hsinchuang is primarily a factory area. I spend a lot of time there but I wouldn’t want to live there. It’s the proverbial low-rent district. If there are good restaurants there I haven’t found any yet and I’ve been doing business in that area for a couple of years now.
No MRT access to that part of Taipei (county) yet though they’re building a line. It’s essentially across the Da Han River from Taipei proper and the nicer areas to live.
I’d suggest you consider living in Pan Chiao and commuting across either DaHan Bridge or FuJou Bridge to the Hsinchuang area for business/work. FuJou Bridge is especially convenient.
Pan Chiao is a decent area to live, with an MRT line and reasonable housing costs. It also has a train station.
DaHan River has some nice bike paths that run along it that let you get the city feeling out of your system if you like.