New Jersey 1br condo buy

[Drew Slew]

Let me know what you think of this apartment to buy

12th street and central ave, brick large condo, 1br

145k total, below asking, 700sqft 1 bedroom, but layout makes it easily a two bedroom w living room acting as a room closable w door. Walk up, brick building, NYC views south and east facing. Rented out now for $1100. I'd rent probably the room out occasionally for 500-600/m. Large kitchen, little renovation needed in bathroom. Overall seems to be a good starter home and agent says it would be 20k profit right away as it is underpriced, 160k easy real market value.. Ideas? Mortgage and all Piti would total $1050/m quite nice, 30yrs fixed. Goal is to live in it for few years, rent a room out on the side and either rent the whole thing later or sell it.

Quick background: 

I am currently renting in Manhattan and have roommates, quite expensive and really wasting money on rent over $1000/m. Also moving to jersey my NYC income should increase 200-300/m I assume due to no more city tax. I work in Manhattan btw and make over 70k. Commute to work interestingly should be same or even less from union city as I work right in soho next to Christopher st stop, Hoboken path. 

I'm counting with:

Owning would make my credit better, forced saving account on mortgage

Living for around 600-700/m total if room is rented Airbnb or month to month

Better lifestyle than my current rent by far as I live in a room and 4 roommates in apt..

Worst case I rent the condo or sell it, refinance 

Hopefully buy similar 5-10units and rent all, one day all rental profit 5-10k/month

[Johnathan Boyle]

I would have to dive in further to check on the price and location, but from my experience is that a 1 bedroom condo is a tough sell overall. PM me and maybe I can guide you a little better