There are homes that have original finishes, same sf and location and sell for 550k and others that are moderately updated and sell for between 505k and 600k.

I am located only about 40 minutes west of Pittsburgh, PA.

Doing a one-time purchase during the holidays for all your tenants, and mass mailing or driving to each location, is much easier than adding another task to our already busy days as landlords.

Find out what the average cap rate is where that property is located.

It is located in an area I am very familiar with, in a high income neighbourhood on a quiet street near parks, schools and all other amenities.

The property is located in Essex County in the Montclair area.  

You can google "We Buy Houses in LI," call bandit signs if you see them, go on Craigslist and seek out ads who are looking for properties, or even post an ad stating you'd like to work with investors to bring them deals and locate investors that way. 

If you can't locate a deal in NJ with which you can generate your target return, look out of state.

Even the ones that talk about things you're not particularly interested in doing are still valuable because they'll often touch on topics that are important across all facets of real estate investing like finding financing, locating deals, etc.  

How long and consistent have you been deploying 1000 weekly DM pieces, 50 Bandit signs, 20 door knocks, and 20 meetings?