Homepath north NJ listed 280k, comp at 380k arv -live in

[Phil Chong]

Hey guys.  I am looking into my first investment.  I found a homepath deal for 280k in North NJ.  This cindo was built in 1993.  The kitchen and bathrooms have been gutted.  The electrical and plumbing is sound.  Background info on me: this will be my first purchase through homepath and also my first investment/home investmemt.  My wife and I will live on property until we can either sell for profit or rent if not.  (Same condo unit next door, 2 bed, 2.5 bath is renting for $3200/month and another sold in march for 390k) i will be doing most the work and subcontracting where i need help.  I have worked in residential construction for 5 years already and am getting my real estate licnense in nj by end of july. I hold a full time job at 85k in sales.  For numbers: hoa + taxes = $700/month.  Im guessing renovation cost for materials $15k.  Sub work another $5k.  So if this just cosmetic work would you guys take the deal?

Town background:  town has top ten high school in nj, northvale high school.  Very steady growth for past 18years.  I lived next to this town for those 18 years.  Younger crowd moving in, older baby boomers moving out.  Avg family incomes over 100k.