Assuming a midtown Manhatten as a central point, where is the best
affordable real estate (first-time appartment/house) that is within
30-40 minutes radius commute distance from this point. By affordable I
mean less $350,000, and best means the highest value-to-price (sq.
feet, location etc. to low maintenance etc.). Again which
borough/neighborhood is rated highest around midtown Manhatten?

Try a real estate agent for the info.

Many years ago I had a subsciption to New York Magazine. They
ocassionaly had informative articles about the cities real estate
market which provided just the information you want. Don't know if
they done any recently. They have a web site with archive button in
the upper right hand corner.

http://www.newyorkmetro.com/

Arturas --

The weekly magazine TIME OUT NEW YORK regularly publishes articles on
this subject, including an annual issue on upcoming or
best-kept-secret and affordable neighborhoods in the New York area. 
It lists brokers and prices and pro's and cons and is just what you
need.

Here's the link to their back issue archive..I searched under
"rentals, neighborhoods" and got a whole bunch of articles, which you
can read in full online.   (There will also be co-op, condo and house
buying info as well).  

http://www.timeoutny.com/cgi-bin/xav/search.pl




http://www.timeoutny.com/cgi-bin/xav/search.pl