Invest New Construction Near Future North Brunswick Train Station

[John Smith]

Hey - 

I'm from Central Jersey - 27 years old, getting married in six months, own one small rental condo in journal square (paid cash on foreclosure several years ago) and looking diversify a little more into the real estate market. 

I am looking into the new construction Pulte townhomes near the North Brunswick train station as a 5-10 year investment with possibly moving in after 2-5 years (if the station is built by 2023) with the understanding that we'll want to upgrade to a bigger house in 10 years. 

They're about ~500k, 3% taxes (very high), 300 in HOA, and rent for about 3000-3600/month. Planning to put 20% down. Not that good value in terms of rental income obviously, since you'll barely break even - but could be a decent appreciation play.

Pros - new construction with 10-year warranty so minimized headache as a rental, great location in terms of proximity to costco, trader joes, target, turnpike, route 1, busses, jersey ave train station, movie theater, marriott, restaurants, plans to build luxury high rise rentals in the same complex

Cons - extremely high taxes, worried train station project will fail or continue to be delayed, low margin in renting out unit, no amenities.

Does anyone have any thoughts on whether this is a relatively low-headache/effort investment? Should I go for it?

Thanks in advance!