Unfortunately, the population density being what it is, the NYC tail consistently wags the Upstate dog.What is different this time, is that instead of implementing the progressive entitlement agenda in the 5 "blue" boroughs of NYC, with a stroke of his pen the governor has imposed that agenda on the conservative Upstate region. 

This down payment needs to come from the principals funds, and not from third parties, or worse, the seller.Years ago a lot of deals were done using “creative “ accounting so it appeared that the borrower was coming up with the down stroke while it was actually the borrower; contracts were written for prices higher than the actual selling price; money was transferred from sellers account to jointly owned “escrow “ accounts; sales were set up to “land trusts”, zero coupon bonds purchased for 10c on the dollar were recorded at full face value when use as a down payment, etc.

The idea that "I did this, so all 7 billion people on the planet can do it too" is painting with far too broad a stroke.

CAP rate is just one of many "broad brush stroke" ways to analyze a property.

Both "stroke of the pen risk" with something changing as far as legislation.

IE what happens is the loan is called  investor should be able to stroke a check and pay it off..

For these firms it's an ego stroke  to the agents for a low fee to entice volume growth at the company.Find an investor brokerage to hang the license with.

No ulcers, no heart attacks or strokes it went according to plan.  

Sounds like this area has few STR regulations for the time being but that could change with the stroke of a pen at the whim of the local council, which is usually made up of local homeowners.

It's too broad a stroke to firmly say but, I will suggest an ARV up into the low $200's will work in many areas.