@Landon Sheveland  don't think your renovations will overcome a bad location. 

Hopefully, you find it helpful and qualifies us to assist you with your goals:)---------------------------------------------------------------------------------------------------Recommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

Where in New Jersey is it located?

At over 4000 sq ft, I'm surprised you won't be able to list for a much higher number to net a decent profit, but without knowing more specifics on the house and location, I am speculating here. 

Instead, look at your major location-specific operating costs as an investor.

Great price in a great location - huh?   

@Sundone Boutvyseth-the lowest Down for a SFR  rental  property is  15% ...if you are able to  locate an  option with 10%  down - this is likely  going to be pricey  but if you need to minize the down - it  might be  worth  using 

Pick 2-4 locations, get no more than about 6 deep in any but no less than 2 deep.

It is a pretty distanced from where I am at so I will be visiting the location tomorrow.

CCREIA just changed their meeting location to the  UNCW Center for Innovation & Entrepreneurship 803 College Rd.