NJ introduction and current situation assessment.. do I say yes?

[Daniel M Gibson]

Hello everyone, I am a 31 year old married father of 3 in central NJ. I thought as an introduction I would give some insight into my current situation and hear some of your thoughts. Beginning this year I have been aggressively studying financial independence and more recently been drawn to real estate. Before I pose the question of my opportunity, there is some backstory. 

I was a Realtor for a short while but needed to get a steady income and health benefits back when my wife and I both started realizing our health issues were very unstable. Now I currently have a job in construction management, and am usually working in the the areas near the NY border and sometimes in Brooklyn. I spend 1 of my 4 monthly paychecks on fuel and tolls. I also spend a 2nd paycheck of my 4 on the rent for a townhouse that I don't particularly love. However, It is by far the nicest place to live for 1550 a month in my home town and I am grateful for having gotten it. (The HOA is the main turn off)

I currently have a small window of free time daily between hours on site and the commute. I have student loan debt in the 20k area, and drive paid off vehicles that require a lot of upkeep to keep running me 120-150 miles round trip to work. My kids are in an elementary school that we love but the area we live in is changing drastically fast. Most of the homes around us are being purchased by religious community that doesn’t mix with anyone outside of their own. The schools in town are seeing lower enrollment and continued families moving away. There is talk of condensing the schools in the area and bussing the children to other areas. I am unable to leave my job and bridge any time until I can make a change because I have severe ulcerative colitis that requires a very close eye and my wife recently had her thyroid removed due to cancer. She is also under a very watchful medical eye. 

My main motivation for financial independence is our substantial health issues keep me wondering what the future holds for us and how long are we able to enjoy our 3 loving kids. I want nothing more than to be super dad and spend all my time with them. Working a long haul to a late retirement doesn’t seem likely that I’ll have much enjoyment when I finally reach that. 

Here’s my first glimmer of opportunity..

My landlord is tired of being a landlord. They asked if we would like to purchase the townhouse we are living in. They charge us in rent what they pay in expenses on it. They noted rising interest rates and taxes and do not want the inconvenience of worrying about 2 homes being paid up. They offered to sell it for what they owe on it, which is within 20-30k of the comps being sold in the same development. Our credit is just below the necessary number to get a mortgage now. 2 months ago they had a cousin who was going to buy it and we were given a 3 month warning that we would need to find a new place. Luckily for us the cousin also didn’t qualify. We are on a month to month lease. The town house is a 2 bed 1.5 bath with a finished loft. The comps have sold around 185k-200k. They offered a sale around 170k. 

I can’t think of a better community of people to ask.. what are my options here? After reading through this forum I can confidently say thank you all in advance for your help. 

-Dan Gibson