your opinion: newbie + 500k + NYC

[Sean O.]

Hello ladies and gents.
New to this market. I have interest in real estate investing. I want to buy a rental property, most likely in Manhattan. Simple rental income and the potential for some capital appreciation as i do think the market will eventually recover.
I want to buy a 1br condo for around 500k (UES area) and just rent it out.
I understand the power of leverege but i just want to pay cash and have the equity to start.
what are your thoughts/opinions? Will eventually like to get more bold when i learn the ropes.