to buy or not?

I know this is a common question and a personal decision… but I am looking at a 2 family in windsor terrace near the fort hamilton f stop on the park side of the prospect expressway (about 2 blocks to the f and about the same distance to the park) with a 3 bed approximately 1300 sq foot apartment and a 2 bed which I would occupy. In addition there is a driveway and garage. The purchase price is around 850k. I plan to stay there long term (at least 5-7 years). My question is in order to afford the monthly mortgage cost I would be relying on the rental to bring in at least 2000/month. I know no one has a crystal ball but I am concerned with the mortgage crisis and the economy being in the crapper, is this a risky move? I know most people have to sacrifice to purchase in nyc but i dont want to be regretting this move in a few months. Any opinions are welcomed. Thanks

By katiem633 |