Coops or not that is the question

[Crystal Perez]

Hello BP,

Long time lurker here. Diving right into it, I live in NYC and the prices here are absolutely insane. The next best thing over is Westchester,NY and I have my eye on a studio coop. The agent states the coop building allows for the units to be rented right away.

Currently 60K
I plan on offering 47K
Hoping to land in the 50s

Cap rate 10%
ROI 23%

I see a lot of people out there aren't too fond of coop investing. This price feels right for me at this point and I feel it may be the best way to get my feet wet.
I would appreciate any feedback from anyone who has gone through this already and can advise me.

P.S.S. I am also open to any investors who would like to partner up on this with me. Definitely open to networking and doing business and helping each other reach our goals.

Thanks BP!