First Condo Purchase: good or bad?

[Joseph Cahill]

My fathers friend is willing to sell his condo to us the town over from me. He is asking $30,000 more than what it is worth currently, due to the fact that he bought it at the height of the market in 2007. These are one of a kind in my area and don't go on the market very often if at all. I am thinking about purchasing this due to the low property tax, maintenance fees, and the top schools in the area (Northern Jersey public high school in town is top rated). I was thinking of buying this, having a roommate for a few years, and saving up to buy my second property (which would be an investment property). I consider this a long term investment: possible retirement home for my parents, my first home in 5-7 years to start a family (I am 23 currently), or another investment property after i pay down the principle on the mortgage. Is this something I should be looking to do as my first property? I am 23 years old and would be putting 80% of my savings on a down payment, but will be getting a bonus and a raise at the end of the year, and am also taking on some other work to make extra money. Any advice is appreciated, thank you!