So its a gamble that a COVID related blemish on my credit history followed by 2 years of perfect payments would be an issue. 

It's a gamble really - my term for it is the CGT - the Consumer Gambling Threshold - That is in fact the force that sets the appraisal fee, not the appraiser.

It is shocking to me that NYC REI would gamble on rapid appreciation over cash flow.

I wouldn't take a gamble on any single stock right now.

If there furloughed then I would tend to approve them but it might be considered a gamble to a certain degree.

Its not panic or anything like that , rather we have been there and done that and every downturn has similar characteristics and just need to execute the play book. 

Essentially you’re taking a gamble new tenants can and will pay beyond move in cost.

Yes, I am kidding.I might have my stories mixed up but I heard the CEO of AirBNB or some new company saved his tanking business by gambling their last couple thousand and winning big.

You need to find similar properties with similar characteristics and preferably in the same neighborhood.  

The issue goes both ways and it truly is a gamble--parties post foreclosure generally don't have good credit to redeem--BUT the former fee title owner with only redemption rights sells their redemption rights to a purchaser/third party which redeems and becomes the fee title owner.