Property taxes are shockingly low in most areas of NYC (despite common belief), vacancy rates are also extremely low (I've averaged 100% occupancy across multiple properties in 5 years without even trying hard). 

I show up and he is shocked beyond belief.

With all the recent changes to the housing laws in Cook County, it would not shock me.

With that kind of money, I would be shocked if you couldn't find REI (1 or more deals) that would get you a much higher CF than $450/m plus what you could get with the $120k cash out if you refi.

I also am betting on inflation, so it wouldn't shock me to see rents of $4000-4500/mo in the next 5 years or so. 

I have been a little shocked that about half of what I got is telling me I am wrong or that what I have already done is a waste of time. 

Having heard numerous complaints through the years, you would be shocked how many people openly admit it in the hearings without even realizing. 

I was shocked how many section 8 people openly discuss their fraud with a landlord, but I was even more shocked when the section 8 rep didn't care. 

This will also avoid the sticker shock you'll likely experience with a GC 

In theory, this becomes an asset as inflation destroys the value of the loan, but in reality you have to balance your leverage with your ability to withstand shocks to the system like recessions, local real estate downturns, eviction moratoriums, etc.