Nested IF/COUNTBLANK/ISBLANK formula

Trying to create a formula where 'N<2' and this returns as "PASS", otherwise "FAIL". I have the basic IF statement, which works, however the formula includes empty cells as part of the equation.

I know about ISBLANK and COUNTBLANK but I don't know how to properly nest the IF statement

So far I have the working IF statement: =IF((N1<2),"PASS","FAIL")

What I want is for the formula to return a) "FAIL" if the cell is empty; b)"PASS" if N1 < 2; and c)"FAIL" if N1 > 2.