Where would you invest around NYC/Jersey City w 80k?

[Drew Slew]

Where would you invest 70-80k cash (20%down financing up to 450k) if you lived around NYC/Jersey City? Have been looking at 2-3 families in Newark, Jersey City's greenville, Union City. Some people say look into Queens/Brooklyn? 

Seems like either go for a good cap rate, buy in a war zone type of area - multifamily around 300-400k and rent out 3k or so or buy a condo and hope to rent to break even in Manhattan area and hope it appreciates a lot. Ideal would be both - steady passive income of at least $500/m and appreciation on a 5-10yr timeframe. 

Investment property so its not that important to be nice enough to live in it. 

[Michael Gansberg]

Why not try Yonkers? With that budget, you could probably get a decent two family, or perhaps two condos. And I think you’ll have better cash flow in Yonkers than you would in Brooklyn or Queens at that price point.