Advice on purchasing 4 family property in Clifton NJ

[Ryan Champin]

Hey Everyone!

First timer seeking some advice/comments.  Im about to be in contract on a 4 fam property in Clifton NJ.  I negotiated them down to 585k.  I also have an extra 100k for renovations from a 203k loan.  The property itself is in decent shape, needs updating and some new tiling.  Bathrooms are a bit small.  its a 1bd/2bd/2bd/3bd.  Has parking lot.  

Does anyone in the northern NJ area have any comments on my purchase price, ability to value add enough to cash out refi? Or any other comments?  

Any help would be greatly appreciated