40% downpayment on up and coming neighborhood.

[Jake Taylor]

Hi There!

I was recently pre-approved for a mortgage on a 2bd 1 bath condominium close to NYC. My loan would be 60% of the purchase price of 550K, the rest I can make as a down payment. The paperwork came back quoting 2.5k as the maximum monthly housing payment (including taxes and insurance). 

HOA fee is +$300/month.

The other units in the building went for a similar price about a year ago, and a look at Craigslist shows single rooms in apartments going for 1-1.5k/month - even rooms that are less attractive than in this unit. I'm looking to live in 1 room and rent the other one out for the first year or so. 

What are some of the main questions and considerations I should look into? Is this sustainable? 

Thanks guys!