Affordable multi-family within commuting distance from NYC
I am eager to get started in multi family investing and am hoping to do so by buying and living in a multi family home (probably using an FHA loan). The challenge which has held me back for the past 2 years is that I live and work in manhattan and am recently out of college (24 years old).
Buying in manhattan isn't realistic for me nor does it provide me with a good enough cash on cash return for someone starting out (even if I did have the money to buy a multifamily here, I'd want to invest elsewhere). However, I am willing to move and make a commute to work each day in order to get started in real estate investing now.
I would like to be able to get to grand central terminal within ~45-60 minutes, and would be looking to purchase a 2-4 unit (hopefully 4) multifamily where I could live in one unit. I want it to be a safe and reasonably desirable place to live. It would be ideal to get 4 units for 500k or less (of course, I would be looking to maximize rent relative to purchase price) but I am really just looking to learn about what's out there.
I don't know the surrounding area very well and am wondering where you all would suggest looking. Much appreciate the help. Thanks,
Justin