Is it a good deal? I am a newbie

[Sem Maltsev]

Hello BP community,

I am a newbie in the real estate investing, so I need an advice. 

What is the basic and simple procedure of analyzing the deal?  What are the key parameters?

I understand that it depends on the market and the goal, but still....

I am currently in NY, but I assume today is no problem to live in one state and buy/manage properties in another. 

My goal is to have a solid cashflow.

For example http://www.loopnet.com/Listing/19771281/251-South-...

The neighborhood is booming, You probably heard of Williamsburg, NY the place is the mecca for hipsters :) 

For that price $450k you can't even buy a 600sq.f. condo in the neighborhood. And here it is commercial space 1,165 sq ft. for only $450k. I imagine that it can be rented for at least $3-4k 

What do you think? 

I would be glad to hear your opinions. Would you buy it?