@Abe Butel - I just finished selling off my 'inventory' in Rochester (about 4 duplexes) while being an out of state investor. I had them about 6-7 years and I learned a few things...
1.) Property Management is key (and I have used one on the companies on your list and was not impressed but I know others have had no issues). My first few years I had great PM but he was a smaller PM who moved to focus on rehab/flipping...he was able to manage both costs and expectations (owner and tenant) very competently. Costs and fees were reasonable and I knew when he called, it was a major issue. After losing him, I saw fees jump up and communication was inconsistent....my suggestion is put A LOT of effort into determining who works with you. Do not just talk with the owner, but the staff and existing clients and even realtors.
2.) 100 year old properties in the city (14621 can be tough) have lots of maintenance and NY isn't cheap. I would say you want to set aside at least 30-40% of maintenance buffer and turnover. I have properties in SC where my turnover costs about 2k, my last Rochester turnover was about 5-6k (the PM wanted 8-9k so I had to find my own contractor).
3.) One of the duplexes I sold was in 14606 (Lyell-Otis) the buyer financed it and it did appraise for at least the sale price (60k). It was a local credit union I believed that financed it. The other 3 were cash transactions so they didn't have to appraise. I had worked with @Jerry Padilla a few years back and was able to pull cash out on another property in 14606, but years ago I tried my 14621 duplexes and had no luck (but you might have more options as a NY resident).
Again those are my experiences and insights...but best of luck!
Chris
