Unfortunately, I just found out it needs flood insurance and the flood insurance premium is 2700 per year!

I can do a small bathroom with a nice all wood vanity with granite or marble top for $1500 to $2000.. $7k or more for a bathroom remodel of a small bathroom is a ripoff..$5k for 3 days of work for 1 person?

With premiums so high in NJ you can do well if you purchase a small utility lien and then the property owner doesn't pay their taxes down the road.  

Like dripping and wood warped.

The rest of the year is great, especially the May, June, July months where inventory is at a premium and rental rates go up.You may not mind being on a M2M but the reality is the tenant only needs to give you 15 days notice and they can leave.

Nor do I know the appetite of buyers to pay that premium.

Insurance for the older wood frame houses is probably the biggest issue, and of course termite potential.

@Adam Juodis I found a property I am thinking could be good for a rental, right off 55 and route 30,I know this is in your neck of the woods, If you got a few minutes id like to ask your opinion on this home. 

My goal is to provide my tenants with a beautiful place at a premium price, a feat I think is extremely manageable for the neighborhood I am located in.  

Totally agree @Jon Holdman, somewhere we went from the old Walmart philosophy of selling cheap goods but selling them cheaply to everyone selling the same crappy cheap goods but now charging premiums for them.