Investing in Condos in Fort Lee, NJ. What am I missing?

[Cameron Baher]

Hey guys,

First post and new to the community.

I’ve been researching real estate options over the past year or so and want to continue building my savings before I jump in but I’ve listened to a wide array of podcasts from biggerpockets. Lots of good info!

But anyway, I’m in NJ and it’s not the easiest market to get into. Ideally I’d like to find a multi-fam but I’ve been noticing a decent amount of 1br condos in Fort Lee around $100k.

If I put down 20% I’d probably be paying about 550 a month for my mortgage. I checked craigslist and rent goes for about $2k.

That would cover both the 50% rule and 2% rule. But this almost seems like a mistake? Am I missing something? Or am I just over analyzing?