<prompt> Human: My wife and I currently rent in Queens in New York City. We pay 1750 a month. We just saw an apartment that is listed at 210,000, with a monthly maintenance of 1206. Based on what I can figure out, assuming a 25 down payment, this would put our monthly somehwere around 2000. My parents have gifted us the down payment, so thats not an issue. I have some credit card debt to the tune of 2000 that Ive been paying off. This particular apartment is a steal. Penthouse in a 13 story building, NYC skyline view with a balcony, junior 4. Its just not been renovated since the 60s and needs some work. But everything is functional, its just not very pretty or modern. Right now we dont really have much savings ourselves, though the gift from my parents will cover the down payment and an extra 10,000 for unexpected expenses. My wife is concerned that with our combined income of 92,000, wed be tight monthly and could be at risk if an emergency came up. Does this make sense for us? THe apartment would be a stretch, but I think it will sell for much more than its being listed for with very little work, and both of our incomes will increase significantly in the next 2-4 years. Assistant: combined income of 92,000We just saw an apartment that is listed at 210,000Sounds great.monthly maintenance of 1206Wait...WHAT? yeah, I know I knowIt sounds like you can pull this off with this super generous gift from your parents. The real question is: how much do you need to put into it to make it what you want to live in? And how long can you live with it before that happens? ...and, how do you feel about spending months in a construction zone while it happens?Human: Its totally livable now. It was a rental. Its just... old. With a good cleaning and a couple things patched up One of the burners on the stove doesnt light, cabined doors are loose, etc. it doesnt need work to be liveable. It just needs work to maximize value, which is not something Im rushing to do. -edit- THe maintenance is high for a couple reasons. Big apartment, top floor, and the building has a garage and a pool, though both are currently closed for renovations and repairs, and Im not sure when those will be done. The pool didnt actually need repairs, but its on top of the garage, and that needed structural workAssistant: -edit- THe maintenance is high for a couple reasons. Big apartment, top floor, and the building has a garage and a pool, though both are currently closed for renovations and repairs, and Im not sure when those will be done. The pool didnt actually need repairs, but its on top of the garage, and that needed structural workEhhh...this is sounding worse. I mean, on your budget the renos will be tough in the near future. With shit like that going on Id be worried about continued unavailability plus surprise assessments to finish work.Human: Its a cond-op, so they have commercial properties on theground floor. Ive been told the maintenance hasnt increased in 12 years, and they dont foresee any in the future as work has already begun without an increase.  <response>: Ive been toldId want more assurances than that with how close to the Im house poor line youd be getting with this purchase.And seriously...you need to know how much a reno will cost. And figure out whenif that is feasible. 