Condo investment in NY/NJ

[Alyn Shek]

Dear all, I'm a newbie in real estate investment and am looking to purchase my first investment property. Would anyone suggest/recommend investing in Condominum as their first investment property. I'm currently looking at a condominium asking for $60K with seller financing option. I have not decided on my financing options yet as I'm still exploring my options. Here are the details regarding the property that I would like an honest opinion and assessment from fellow enthusiast and fanatics.

Type : 600 sq ft Studio

Asking Price : $60,000

HOA : $80/month or $960/year

Tax : $150/month or $1,800/year

Rent : $850

Utilities(electric) : Tenant's responsibility

(Gross - Expenses) = $850 - $80 HOA - $150 Tax - $85 10% Vacancy - $85 - Maintenance = $450 before mortgage.

This condo is a small building and owner's managed. It does not have parking available. It's close by public transportation. Given the limited details, can anyone suggest if this would be a sound investment.

Last but not least, thank you to all contributors to BP. I've been a frequent reader of BP for the past 6 months and finally joined the community last night. This site offers wealth of information and I'm a follower of the podcast.