Tri-State, NY/NJ niche areas

[Nick Adams]

I know this isn't a unique problem, but I am not a native of the Tri-State area and now work in NYC and live in NJ.  I am constantly hearing that one of the biggest mistakes new investors make is purchasing too far from home, but I'm finding it very difficult to make the numbers work.  For example, most of the multifamilies in my area are renting out around 0.6% of asking price.  

If anyone with more experience in this area could give me a handful of neighborhoods on which I should concentrate, that would be very helpful.  Thank you.