They currently pay no rent and live in deplorable conditions with their two massive dogs.I appreciate that NY is an awfully tenant friendly state.

Not sure how things are out there but I️ would only assume that if you restored it right in a historical fashion and marketed the property to a wealthy buyer who appreciates historic homes then possibly could have a massive deal.

Not to mention, if an individual investor was sitting on massive amounts of capital, they might choose to buy one 300-unit apartment complex instead of owning 300 SFRs that they each had to rehab, rent, and manage. 

I just finished my first massive "house hack" where I converted a 500 Sq.Ft property on a corner lot into a positive cash flow triplex, and I'm looking to repeat my success.

This also makes a MASSIVE difference when you are analyzing cash flow for properties.

If you can spend more time, more money and get massive results then you should follow these.Create a website must be PROFESSIONAL have a blog and get someone to write for you add at least 2 posts a monthBrand yourself or your company and give some value it could be FREE EBOOK, VIDEO ADVICE, TIPS, or anythingReach to people as much as possible (STOP THINKING ABOUT LEADS FOR A WHILE) connect with more people show your interest share valuable stuff.Try to use Facebook, twitter, instagram, as well as linkedin gain good number of followers and audience share interesting thingsBuild an email list within your niche that could help you to connect with more business people and investors who trust you.

And like others have said, I very strongly doubt there will be any appreciation in these parts, so you definitely want cash flow, unless you just want massive losses to try to write off on your taxes ;)

Any who I recently came across a house that was involved in a massive house fire and requires about 175k worth of repair.

@David Song , Yeah we are seeing some layoffs but doesn't seem like the massive ones. 

One day, I just decided to take the plunge, as long as there was nothing massively wrong with the asset I was buying.