I’d be cautious dealing in that type of property even if you had experience, a nice cash reserve as a safety net and a bank lined up which it doesn’t sound like you do.

Also, if you are keeping rents high for a lower grade unit based on location only and a new apartment building goes up near you, you're rents will be the first to fall. 

Now they simply do not answer emails or calls - I have emailed and called our property manager, the CEO - Jay Walsh, and a new company they seem to be working with called Anchor Management many times but have gotten no resolution.

If you check out my post about probate lists, it was pretty much reposting that with an update on results over the course of the last year and growing to 25+ deals/month with the information given in the post.It had very little to do with promoting my products, and a lot to do with a valuable topic.

I have to keep a separate account to pay those expenses and a yearly statement accounting for escrow and estimated future payments.It’s not exactly passive. 

Congratulations on winning some liens and a deed.

It's hard to look at the cheap prices in other markets and think they are overpriced- an average 3 bedroom in my area is going for 350-400K +, if not in the 600K range, and a 4 bedroom is nearing a million- while I look at the midwest and see prices around 100k, that seems like a vast discount from my perspective.

Hes already retired and a monthly cash flow for him will work for him.

On top of this, it is a very walkable city with great parks and access to water (Hudson River or Newark Bay) and a cruise line.As a heads up, Bayonne will be going through a tax revaluation shortly.

Your mortgage based on 30 years, 25% down, and a 5.75 interest rate is $1313/mo.