Getting started in NJ

[Eric D.]

First time on the site .... I live in the Maplewood/South Orange area and have $150k in cash to invest in a rental property. I am looking to buy and hold so that I have some cash flow, but importantly, it turns out to be a good investment in the long term. 

My area is pretty hot with people moving out here from the city for the (relatively) easy and fast commute. However, when I research buying a property here as an investment, the numbers do not seem very good, certainly if I put 25% down. The only way to make money seems to be to buy in cash, but even if I do that with a 150k condo, the taxes and fees are typically about $800 or so per month, with rent about $1200 or so, and so the numbers are not great ...

I have seen big properties in Irvington and East Orange and Newark for $150k,  but they look to be in disrepair and I do not want to become a landlord in a stressed area where I am dealing with various problems. 

I considered buying a shore house, using it a few weeks per year, and then renting it out, but that seems like a headache not to mention what if another Sandy strikes?

I do not want to buy a property more than 30 minutes from me.  Any advice? Am I onto something here and is being a real estate investor in North/Central NJ not practical? If it is something I can pursue, any recommendations for real estate agents who  can run the numbers for me? I used the agent who sold me my house 2 years ago, but she knows nothing about real estate as an investment as she just sells homes to people looking to move into the community.