I initially thought like most retail buyers would and considered selling it but instead I’d love to keep it and move it to my asset column (Rich Dad reference...). 

It will take some studying the area and initial travel.   

I am a new investor living in NYC and am looking to determine my farm area so I can begin investing.When I initially started my research, I thought I would farm in Northern New Jersey - Bergen, Hudson, Essex and Union counties - but as I continued researching I've found that inventory is low and competition is high, making the barrier of entry for a new investor very challenging. 

Being in a residential space will definitely save you on property tax margins oppose to commercial at least initially.

But it helps to have an understanding when I am buying to at least be able to have an intelligent initial conversation with a seller.

Because the sponsor can fix up the property and drive income, they can likely produce a 14% to 16% IRR, but initially a fairly low cash on cash return, say 4-6%.  

I have owned the property for 2 years, I have done about $33,500 worth of rehab and raised rents almost 17% since the initial leases. 

Since this was my first deal pretty much everything past the initial lead call and appointment was a new experience.

A little background on myself, and I am 26 yrs old and initially worked in the venture capital/ hedge fund space for 3 years before doing consulting work for a reputable turnkey company.

Using conservative numbers, you can easily make a 20 to 25%+ return on your initial investment in your first year.