23 yr old looking to buy in NYC

[Phil Li]

I’m planning to put a down payment on possibly a duplex or triplex within NYC, preferably Brooklyn or Queens. Many people have suggested looking into other neighboring states due to the lower price, but I’ve lived in NYC all my life and have no intentions of ever leaving so I think buying here is a sound decision. My gf and I have been together 7 years and we’re looking to put a down payment within the next two years.

We have a combined income of 160,000 with zero debt and both of us have a 750+ credit score planning to put 20% down with 30k currently saved. We both started working full time recently and we are both living with our parents to maximize our savings. Our plan is to “house hack” and live in one unit while renting out the rest. Ideally we would like to be able to have positive cash flow with the rental income but I wouldn’t be disappointed if it breaks even with the mortgage payments plus any possible repair costs and bills.

My only concern is that I’m not sure if this is even achievable in the area. Also with the new NYC tenant laws in place, is this still a good idea? I’ve been wanting some advice on this but not too many people I know have done this or plan on doing this, at least not within Brooklyn and Queens. Would love to hear some thoughts!