Recommendation of a good area to buy and hold near New York City?

[Leo Hernandez]

Hi Everyone,

I am new to the forum. Looking forward to learning from the great BP community!!!

I live in NYC and are new to investing in real estate. I had a bad experience investing in the city and lost money in 2009. Haven't invested in RE since then. In hindsight the asset was too large for me. 

I am currently focused on finding a good area to buy and hold. Area has to be close (up to two hours driving time, ideally one) to NYC. I am looking to invest in $100,000 to $150,000 single family properties.

Any recommendations of a good market where I can find properties in OK condition with those characteristics? Everything I have seen close to NYC in that price range are fixer uppers in really bad shape.

Any recommendation regarding area and any views on local cap rates would be greatly appreciated.

Thanks for your comments and help.