We are seriously considering buying an apartment from a colleague who lives in Riverdale, a nice neighborhood in the northern part of the Bronx, a borough of New York City. See more photos here.
It would cut our 70-minute commute to Columbia in half, our mortgage and transportation costs would be 30% less than our current rent, and we'd be making an investment instead of sending off rent checks each month never to be seen again. We'd also be closer to shopping, dinners out, etc. We'd have to take just one train - instead of a bus and a train - to get to work, saving bus fare and the hassle of waiting in a station (the subway stop for the apartment is the end of the line, there's always a train waiting with its doors open). We have been looking for a rental on the Upper West Side, but we didn't see anything livable under $2,500/mo. for a one bedroom. That's almost double what our mortgage would be.
What do you all think, based on the photos and the rationale? Make sense?