Frustrated first time house hacker in the jersey city

[Michael Gaither]

My fiance and I are under contract for a 2 family + garden unit home in jersey city. Inspection came back loaded with issues (electrical, plumbing, structural issues, and potential asbestos & mold). The house is 100 years old but renovated (new appliances etc). We're pulling out of this deal after talking to contractors. Our issue is that around this price point of high 800's all of the houses tend to be around this age and will likely have similar issues. So we're stuck between taking the risk of having something go wrong with an older house, or upping the budget to 1-1.2M for a newer house but having to be reliant on consistent tenant/airbnb income. We want to stay close to nyc as we both work in the city and want to have access to higher rents and a better tenant pool. Any insight or feedback is appreciated.