There are tons of other metrics to consider such as rental rate, job demand, growth, path of progress, taxes, schools, crime, and on and on.

So, for a $60k loan, you'll likely need $12k-$15k for a downpayment, $8k-$12k for closing costs (prepaid insurance and taxes, lender fees, attorney fees, points, prepaid interest, transfer taxes, etc), and then another couple thousand for reserves and whatever else.

You would have had to be there for at least that to save on the capital gains taxes (up to 250k). 

The faster you can pay the infamous "dumb tax" the faster you can create wealth. 

However, high property prices and steep NJ taxes mean you must carefully analyze cash flow.

If you are setting aside funds for capex, taxes, insurance, or other expenses that don't occur monthly, transfer those funds to Savings each month and hold them there until it's time to spend them.

I am in one of the higher tax brackets and could be saving around 40k~ a year on taxes with this.

We are also reviewing a company that can use it to scan bank statements and tax retturns to quickly sort where money is spent and if documents are fraudulent.

Property Taxes Will Likely Increase After You Move Out•If you have a homestead exemption, it will be removed when you convert the home into a rental.

Is taxes going to be higher today or higher in the future?