Property tax for rental property in Hoboken NJ

[Lance Yang]

Hi All, 

I live in Hoboken NJ and own my primary residence. Currently I am paying 6k per year property tax for my home. I plan to invest in a rental property that is similar to my residence. After reading some articles online, I found that property tax for rental properties is about 2-3 times the primary residence. If that is case, monthly property tax for the rental would be 1k - 1.5k. It seems there is no way to make any positive cash flow given the property tax. However, there are many apartments rented out in the community for 2k. Did I miss anything here?

Thanks much,

LY