Purchase price: $1,200,000 This is a 100+ pad community located near Downtown Bloomington (Near Indiana University).

I think this question is dependent upon location.

Where are you located in New Jersey? 

As I am new to this and looking for cashflow using rentals, one key aspect of this investment is to ensure that the unit rents out quickly and while I do understand that cash flow to begin with might not be attractive, it can be a good investment in the long run if the location is right(as appreciation also kicks in).

The property rents for about $4K/month total.

Quote from @Kornelius Friske: We have a STR located in peoria AZ. it's 6 beds (garage conversion) and about 3900 sq ft in total. our energy bill last month was $450 and has been hovering in the $350-$450 range since we went live in august.

Purchase price: $450,000 Cash invested: $450,000 Centrally located near Shopping, Entertainment, Transportation and much more.

Quote from @A Rao: I invest in land and have done entitlement/zoning and other DD work successfully for years.A broker called me this morning on a property I have on a busy interesection and has a QSR client who likes the location, but does not want to do a ground lease, only a build to suit. 

My goal is to live in the home during the winters, maybe 3-4 additional weeks for vacation, then rent it out to help cover the mortgage the rest of the year.  

I could keep it and rent it, rents are good and in high demand but just looking for a different property type.