CoC return is not that high and Rent is about 0.9%, closer to 1% rule but on on lower side. 

We're hitting the end of this current development cycle, with construction costs, lowering rents and lending changes making new build projects less feasible, but the next building cycle shouldn't be too far down the road. 

The area is close to Newark Airport which is a plus and has easy access to Times Square NYC with a short bus ride.

You are likely to end up with a bit of turmoil with that cheap of a property (probably not in great shape and/or in a bad neighborhood) and lower-quality tenants (evictions, excess repairs, etc.).

Even with a manager things may arise that cause you stress and take your money.Unless lower class investing is your main focus and you have the capital and comfort level in this arena I would not do this deal. 

You don't need a real estate license to be an investor.It would actually cost you money to hold a license and not actually use it.To get access to the local MLS, you have to pay money to the local Realtor board.

It doesn't affect the price.If you want a "discount" for the work needed, then you would lower your offer to the bank or suggest a credit of $1,000 to be given at closing.

Just out of curiosity was he one of the lower bids?

Obviously someone is happy to invest their money on a fixed up property with lower cap rate. 2.

There are different credit requirements, but the rate should be lower.