Kevin, being that you're buying as an investment property, you're looking at 15-20% down payment (mostly 20%) minimum. If all you have available towards the purchase is $50,000, this means that PART of that money could be used towards down payment and the other past for closing costs, which can be significantly higher in Manhattan.
Knowing Manhattan the way I do, I can tell you that you're going to have an extremely difficult if not Impossible time looking for a property. We're talking you buying a property priced at approximately $175,000.
I suggest you get pre-approved by a Loan Officer. This will be the best way to know what you can qualify for and what your budget is. Good luck!
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Senior Loan Officer
STERLING NATIONAL BANK
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