I would recommend buying a studio co-op in either Kensington or Ditmas Park. I anticipate these areas will give you a good return on your investment over the coming years. Both in terms of capital gains and rental increases. You will have to find a building that allows subletting though and very few allow immediate subletting. Most require that the owner live there for 1 to 2 years. If you need help finding a suitable property contact me and I'll be happy to help you.
Dom Realty, Inc
There are plenty of properties you can find in Brooklyn for that type of money which could serve as good investments. Assuming an 80% down payment as you stated, I know several properties that could get you a positive cash flow. Feel free to contact me direct and we can talk about them. Either way, good luck!
Mitchell S. Feldman
Fillmore Real Estate
That amount of money might get you a 1 bedroom coop. Not much else.
Keller Williams Real Estate
9120 4th Avenue Brooklyn, NY 11209
Office: (718) 954 8400
Direct: (212) 300-3919