Investing to live then Rent a Condo in/near a City

[Mitchell Walier]

Hi Bigger Pockets Community!

Does anyone have any advice for buying a condo just outside of a major city? I've probably looked at ~50 condo's on the MLS and can't get any to cash flow let alone an 8% CoCR.

I set about 1% for capital expenditures and 5% for maintenance. Due to my savings I can only realistically put ~15% down at most for these properties so I will be looking to do an FHA loan.

Nearly all the listing are recently rehabbed so I haven't found any to do a BRRR with unfortunately.

I will be commuting into the office starting very soon and I love the area so I do NOT want to move out at this time in my life. My best case scenario would be to buy, rehab, move out in a year to a new investment property, rent, refinance. 

At this point I feel like I'm getting analysis paralysis but to achieve my goal on some of these condo's I would be putting down an offer 25% less than asking...

What do I do?

Thank you so much for the help. 

[Nicholas L.]

@Mitchell Walier condos are typically tougher than SFHs to BRRRR because there is less you can do with them. It's also hard to BRRRR when you finance the initial purchase. What are you trying to accomplish - do you need a place to live? Do you need to stay in NJ? Can you househack?