Ideally, I'd like to find a balance between affordability and potential for appreciation.Also, are there any common pitfalls or things to watch out for when buying a multi-family property in Jersey City?

We paid ours off when our balance was $125k, but on a 15 so payments were fairly high at $1732 PI.

I have a mortgage connected that, for some reason, reports it as an escrow balance, throwing off my balance sheet. 

Sounds like you get her portion of the rent for the next five months and then work with him for the remaining balance each month.

Balancing all that sure sounds like a juggling act!

I think there is a weird balance here, among professionals, where people may not want to bad mouth fellow professionals, particularly from the same areas, which can create a skewed picture. 

Mortgage balances go down and eventually get paid off. 

When we tell them our opening bid is $1.5M they try and negotiate off the $500k because that was the original loan balance but due to other circumstances like modifications etc. the loan balance has increased significantly. 

Ideally, finding a lender who offers a balance of both is key. 

We have a balance of 266K on the mortgage @ 3 percent interest.