$158,000 in Union City, NJ (Is it worth it?)

[Max Cordova]

I am looking at a 2bd/2ba in Union City for $158k (1,078 sqft) =$147/sqft (two units)

Other properties in the area are selling for 300k-400k, which average around 300+/ sqft

It is a foreclosure and is sold as-is by the bank and remodeled in 2006.

Rent: $1200+ for a 1bd/1ba in the area of the property.

Anything else that I'm missing? 

I would love to hear any feedback, opinions, comments!