Would you consider this a good investment? Don't answer that. Go and find yourself an investment professional to help you with this especially since this is your first deal. Good luck.
There is a great website http://www.IAnalyzeRE.com where you can plug in the actual values for the property and your income tax situation. Then, depending on your particular situation, including how long you plan to hold on to the property, you can decide how good an investment it is.
Joan Prout, MBA
RE/MAX Villa REALTORS
Jersey City, NJ
I have a property that fits this bill... East Brunswick.. call me and we can discuss.
Broker / Sales Associate
Orange Key Realty