Is it because it's a 2 bedroom or is it because it's in a better location and looks better in online pictures. 

The house is located in Utah County, and I think over time it will appreciate very quickly relative to other markets.

LTR could get $3200-3400.3-just purchased in August a townhouse in Costa Mesa California 3 miles from the beach walking distance from the back bay great location.

@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. 

Great price in a great location - huh?   

@Wiley Hood DIY cost segregation tools like KBKG can be cost-effective for simple properties, but they lack the precision and audit defense of professional studies.

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