Need advice from someone deeply familiar with NYC housing

I’ve found a 1b, 1ba income restricted unit that I qualify for in an optimal location, but it is a cash-only co-op listing. The questions I need answered are financial and logistical, but both likely suited for a local who can speak to this NYC-specific circumstance.

1. Is this a sound, or even feasible, investment? By sound, I mean are there caveats I may not have considered, like significant hidden expenses, fees, or risk? I recognize that I likely won’t ever be able to profit from the sale of this property and I am fine with that. I want a (potentially forever) home — a nice, affordable place to live, in a location I’d love to be for a long time.

By feasible, I mean are there legitimate, financially healthy lending options available to me? I assume private lending for these instances does exist, but I also assume it comes with major downsides.

1. If I can secure the financing, is that even enough? I’ve heard the co-op admissions/acceptance process can be tedious, to say the least. Do I have a legitimate chance of getting approved? Do I need proof of the financing before I could even be considered? If so, that’d automatically disqualify me because I obviously do not have multiple properties like this lined up.

Hopefully someone here with co-op board experience can shed light on that aspect of the process.

Disclaimer: Even from well-intentioned commenters, I am not interested in perspectives on living in NY vs somewhere else.