Making #'s work in Jersey City & Hoboken

[Mike Adams]

I am new to this a bit, so I know I am still learning the ropes.  However, it seems hard to find any property with 6+ units in Jersey City or Hoboken where the #'s work.  Example.  One 9 unit building in Hoboken is 2.5m.  20% down,  is about $128,837.00 in mort. expenses @ 5%.  Add another 4k for insurance,  8% for PM, 22k in taxes 2k for water all for a total of around $164,037.00 on a property which brings in around $72,000.00 per year.

There were others, but I cannot seem to get the numbers to work.  Please someone, tell me what I am missing here.  I assume people do not purchase properties for just appreciation and lose on the YOY income/expenses.  

Thank you.  Would love to expand into NJ, but I cannot seem to get the #'s to work.  

[Sant S.]

Francesco is correct.
I invested in this area 2013 - 2016 and at this point the window has closed for finding MLS deals "where the numbers work".
I've started to look outside Hudson County.

Union City has MLS properties from time to time where the numbers show some cash flow, but UC is a speculative play because the rent control board has frozen rent increases (my understanding-you confirm this). So your betting on property appreciation as UC rent control has eliminated value add.