I plan on holding long term so I would assume that in 20+ years the house will be worth at least a little more but it's not my main concern.

I own multiple rentals in Elizabeth, NJ but I was just offered a property in Harrison, NJ, I am not familiar with the area so I am looking on some insights on the area weather its worth investing in or not, especially that properties seem more expensive than Elizabeth.

Is it worth it to take a lower return and hope to refinance later?

Remember, although FHA only allows one loan under your name at any given time, Fannie Mae allows 11. 

In some markets, a simple bedroom will bring $1,000+ per month in rent, and in other markets the same bedroom is only worth $300/mo.

In other words - a recovery of what you spent, as opposed to what it is worth.

If hiring a property manager frees up your time and enables you to concentrate on activities that generate revenue, it can be worth it.For your next house hack, think about working as a group.

Don't bring anyone with you because the tendency can be to rely on them to remember or understand and you need to make sure you are doing that and taking charge.What was your dad's plan to flip it in a year? 

Not really a great place for one whereas if you are near water/entertainment or something worth while then it can be a great investment.

I know that it is the flavor of the month, but remember just because you get a subject to deal or low interest rate does not mean that it is a good deal.