I can't tell if this is temporary because market is so hot or a norm in northern NJ and hence should be viewing the property from different lens and not from cash flow or CoC return perspective 

Find people who use a different lens then you, or whose strengths are your weakness. 

Maybe I overlooked things with too conservative of lens.

Investing in the Midwest has me more CF oriented, so I tend to look through that lens when I analyze a deal. 

In another lens, is it due to the fact that it requires owner occupancy and many investors are not interested in this?

An attorney will have key insights into the structuring of the business and the legal operations side of things, but an accountant (especially one that specializes in real estate investing) will have the specific knowledge to guide you well in the day-to-day.One caveat to this would be a Tax Attorney -- I find many of these to be accountants turned attorney, and they have a very particular lens they see life through that makes them very valuable in this way.

The home inspector is a Generalist and can analyze things and speak through the lens of a general inspector, but they MUST defer to a specialist on specific issues (for the sake of their liability mainly, and for intellectual honesty, too).A good example is this:  a general inspector can measure the difference in temperature of the air going into the HVAC return vent and coming out of the ducts, which indicates the relative health of the HVAC system. 

and you have income now (can live without the cashflow today) then I would think through the lens of "what do I want to own in 30 years." 

For hosts more inclined to DIY or who don't have professional photography access, you can still put your best foot forward:• Try to use a professional DSLR camera with a wide-angle lens.• Take bigger photos for optimal resolution, using landscape orientation whenever possible.• Aim to create depth in each photo for a 2-D effect.• Make good use of natural sunlight.In each room, remember to:• Accent the bedrooms with contrasting pillows and shams.• Complement the living room with flowers.• Include quirky works of art in your pictures.

So I am being paid for the “trouble” ....try to see things thru the lens of how it can help you, and knowing your laws will certainly be of value to you so you can play the game !