Strategies for NYC

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Hi all

Ok, so you guys gave me a good reality check on buying rental property in NYC! Full of enthusiasm, low on experience!

So anyway, I have indeed come to the conclusion that unless you have a big downpayment it's hard to get rental property to cash flow in NYC.

Does anyone have any ideas on strategies for NYC? I was thinking of buying a fixer upper, renovating it, then renting. Do you think there are fixer upper bargains to be had out there? I would like to buy a property for the renovated market value less 30% less cost to renovate. Does that theory still hold?

Cheers
Pete