That's a great question. The lowest priced one bedrooms in Jersey City downtown are priced at around 300K. If yours is renovated, you are definitely getting a good deal. The deck for the summer sounds wonderful. Nothing better than outside space and being so close to NYC.
Hope this helps. Please free to reach out with any more questions.
Currently, the cheapest 2 bedroom in downtown is $309,000 so the price is reasonable. In terms of flooding, you should ask the seller to disclose if they have had a issues in the past.
Let me know of I can help you in any way. My office is on Grove St.
NJAR Circle of Excellence Silver Award 2007
273 Grove Street
Downtown Jersey City Office
Visit my web: http://www.dianesellsnjhomes.com