Sounds like you have a good amount of money down... what's important before I can offer you some properties to consider is how much are you approved for.
Feel free to contact me to discuss.
306 Grove St
Jersey City, NJ 07302
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I hate to be the bearer of bad news, but for the most part, the answer is yes. Unfortunately you're about 1.5 years too late to find what you're looking for along the JC Waterfront, specifically the 10% rental yield. This is due largely in part to the new construction buildings which have either sold out, or have very limited availability. The limited availability has led to price increases, raising prices significantly-even over the past six months.
Having said that, there is some good news. There are a handful of resales in these new/newer buildings which can settle at 2010/2011 prices. There are only a few, and some have recently gone under contract... but there are still a couple of excellent investment options along the Jersey City Waterfront.
Please feel free to call or email if you would like to discuss further. I purchased an investment property myself last year, in addition to working with dozens of investor clients over the past few years.
Exchange Place Office
NJAR Circle of Excellence Gold 2011