Electric Heat - Deal breaker or not in NJ

[Jeffrey A DeAngelis]

Somewhat of a newbie here to the forums, well...not somewhat. I am a newbie here so if this is the wrong forum I apologize now.

Here is the scenario - I've bought to hold and rent out int he past and recently came across a bank owned property pretty cheap - I ran the analysis based on what I know in the area and come up with IRR of 13% projection based on calculations and minimal investment. Not to bad. The ONLY hesitation I have is that the unit has electric heat. This is located in northern New Jersey and I am curious if anyone has experience with renting any units in the North East US area with electric heat. Electric can be expensive. Have you had to lower rental income to compete? Was it tough to find a tenant because of this? Or am I thinking to hard on this?  Thanks!