The lender says that for investment properties, they require 25% (not that shocking)  but we could apply for a "second home loan" which only required 10% down.

I find it shocking that a deal can't be found.  

he said it's the small fee I mentioned to you when we meet, I was in shock and I said I need to verify and I will call him back.

Long term, it can be a tremendous investment but getting to that point is the "sticker shock" that's unsettling in my eyes.  

This assumes no major "shocks" to the economy.

The shortage may cause sticker shock to a tenant looking to move into an alternative rental.  

Shocking right?

If the property is in the not so nice parts of Passaic, it may not just be a bad financial deal, but you could also end up with tenants that may not be the most pleasant to deal with, let alone live alongside for 2 years. 

We were both shocked at what we could get for our money in our respective states!

If it is a newly listed property, never before offered for sale the home owner is usually shocked at the price the agent investigated and offered to list for to get a quick sale.