This just may be the cheapest studio in the City. There's nothing fancy about it; it doesn't have granite or stainless steel; it doesn't have a balcony; no doorman. But it is pretty damned affordable.
The location near Fordham Road gives you tons of shopping. You would still be close enough to the Garden and Zoo for a nice half hour or 45 minute walk on a sunny day (or be lazy and take the Bx12).
The name of the game for today, kiddies, is cheap, cheap, cheap. Trying to make it work in New York is tough. This $695/month studio is one way to do it.
Transportation is pretty good with the B/D at Fordham Road and the Concourse and the 4 at Jerome Avenue and the Concourse.