How much you'll pay if you buy a $200,000 home and put down 10 percent, you'll carry a mortgage of $180,000. At recent rates around 5.8 percent for a 30 year, fixed-rate loan, that would translate to a monthly mortgage payment of $1,056. Other monthly payments, such as condo or co-op fees, taxes, and utilities, would be an additional cost. The Eiffel Tower co-op building in Hackensack, left, a log cabin in West Milford and 143 Lake Ave. in Clifton are all North Jersey properties selling for less than $200,000. You might think that the only way to find a home for less than $200,000 in Northern Jersey is to step into a time machine and set the dial for 1997. Even with the recent softening of housing values North Jersey remains one of the costliest housing markets in the nation, with a median price above $400,000. But a little digging turns up a lot of properties for under $200,000. They're not big or luxurious, to be sure. Small and quirky is more like it. Still, they might be the answer for a buyer with a limited budget and a willingness to compromise. "You have to be realistic in terms of what you can get," said Nelson Chen, a Fort Lee Realtor. "You're probably going to compromise on the square footage and the condition. But with a open mind, you can get some of the greatest values we've seen in years." The under-$200,000 property could be a one-bedroom condo or co-op, a two- bedroom house in an urban area, a mobile home, a small house in a flood zone, or even a log cabin near a lake in the northern reaches of Passaic County. These places are often outdated and in need-sometimes in dire need-of renovation. In this price range the typical buyers are young people starting their careers or divorced people forced to trade down to smaller, less expensive digs. Occasionally empty nesters grab these homes though real estate agents say many in Northern Jersey are willing and able to pay a higher price for more amenities. Though you might expect these properties to be snapped up quickly because of their price, several Realtors said that the tight mortgage market has slowed sales. After free-even reckless-lending led to the current financial crisis, mortgage lenders have tightened their standards. Many lower income people who would love to buy an under $200,000 property find they can't qualify for a mortgage. "For low-income buyers, it's tough," said Marc Buglione, a real estate agent with Re/Max Nextra in Wayne. "It's not that the banks are being ridiculously strict, it's just that they won't bend the way they were bending."Chen said. And the sales of these homes can be a bit complicated; the properties often come with back stories. Some for example have been taken over by banks in foreclosures. That means any buyer has to negotiate with the bank, which can take more time than dealing with a homeowner. Here's a sampling of the under $200,000 properties out there: Log Cabin When you think of log cabins, you think Abe Lincoln. Or maybe the Adirondacks. But North Jersey? Housing: Local properties for less than $200,000 Turns out West Milford has a number of log cabins in lake communities. One five-room log cabin recently on the market was originally built as a summer cottage. The owner began renovating and winterizing it, but the buyer will have to finish the job. "It really is cute," said listing agent Mary Monnecks of Weichert in Franklin Lakes. But small, she added-suitable for a single person or couple. It's in the Pinecliff Lake community, where owners can swim and boat. The house went on the market at $169,000 and is under contract. Two-bedroom Cape Cod In Clifton you can find a two-bedroom house near the Passaic city border on the market for $179,000. It's typical of many under-$200,000 single family homes that pop up occasionally in North Jersey-small and not in great condition. Buglione, the listing agent, said showing the Clifton house has been complicated by the fact that there's a tenant living there. "That house needs a little bit of work," he said. "It's a smaller homer." But, he said, the monthly payments may well be lower than what many people are now paying in rent. Condos Condos priced under $200,000 are often in converted garden apartment complexes, said Howard Koval of Howard Koval Realty Inc in Hackensack. "If you're looking for a two bedroom condo, you're not going to get it in that price range," Koval said. Koval is listing a one-bedroom condo in Lodi in a 1960s brick garden-style building, with monthly maintenance of about $175. It's listed for $152,000. Jeane Cowie of Re/Max Limited in Oradell has a listing for a one-bedroom condo in Bergenfield for $178,000. At its original list price of $189,000, she expected it to sell quickly, because it includes a garage and washer and dryer and is in good condition. And monthly maintenance is about $180. But she thinks the constrained mortgage market is blocking potential buyers at the lower end of the price scale. She said the lower price might help them make the move. "I think $178,000 should do it," Cowie said. Along with young singles and divorced people, potential condo buyers include retirees who spend part of the year in Florida but also want a part-time, low maintenance residence in North Jersey, she said. Co-ops in Fort Lee, Hackensack Co-ops are typically cheaper than condo, but the monthly carrying costs tend to be higher, because you're also paying off an underlying mortgage on the building, not just your own mortgage for your unit. But one-bedroom co-ops in Hackensack and Fort Lee are readily available for less then $200,000. In fact, at the top of the price range, you can even find some two-bedrooms. "Prices have come to the point where you're getting some young people buying," said Larry Greenberg, an agent with Mark DeLuca Realtors in Teaneck, who lists many co-ops in Hackensack. He has a two-bedroom, two bath co-op for sale on Prospect Avenue for $179,900, with monthly co-op fees of $1,200. Chen of the Chen Agency in Fort Lee has a listing for a one bedroom, west facing co-op in Horizon House for $128,000, reduced from $148,000. Aside from the buyer's own mortgage, the unit has carrying costs of about $1,000 a month for property taxes, the co-op's mortgage and utilities. There's no New York view and the kitchen and bath could use updating, Chen said. "But you're getting into an established luxury building with a doorman and a pool," said Chen. Not everyone can qualify for a co-op; the building usually require large down payments (in the case of Horizon House, 25 percent) and proof of a healthy income. The good news for the financial stability of co-ops is that those precautions mean that even when mortgage lenders were making reckless loans a few years ago, few unqualified buyers got into co-ops, Chen said.