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Property Investment?

Property Investment? I am looking to buy a condo in NY with tenant occupied. I acutally found an ad on the newspaper and it reads: "This spacious 1BR is located on **** Metropolitan Ave. Current tenant is paying $975 a month but unit will be delivered vacant, market rental is about $1000 a month. Asking price $118,000 Low common charge of $435 real estate tax: $0 or very low (tax abatement still in effect)" What do you guys think? Should the price be lower?

Public Comments

1. Not sure where Metropoliatn Ave is. Is that Queens or Brooklyn? Price is contingent upon location and also in this case the building and other tenants as well.
2. A condo in NY for $118,000? Unless it's out in Roscoe, NY up in the boon docks, it's a rip off. If it's a co-op, it may not be a terrible rip off, but co-ops are rip offs in and among themselves. I think you should NOT entertain this property.