As you are finding out, it is so local that the next door building effects your investment. 

When evaluating a property management company, it's important to look beyond just the management fee and consider the full scope of services and costs involved.For example, at our company, we charge a 10% monthly management fee, a $250 lease renewal fee (unless it’s a takeover tenant, which requires additional effort to establish a strong relationship - because usually people are changing pm companies for a reason), and the first month’s rent as a leasing fee.

So for the first property which will cost over $1 mil to construct, there will be stacked loans, essentially $280K will come from loan assistance program,( the name is not correct but the same idea).

Also you should inquire with insurance agents about the cost to insure.

If one tenant has been in there for that long, there will also be some serious capex and turnover costs.

Starting with house hacking is a smart move, especially in a higher-cost area.

Give your state's 'cure' term ("In New Jersey, a tenant has three business days to pay rent and court costs after a judgment of possession is issued to avoid eviction.

$10K savings to you or higher cost to you? 

Many out-of-state investors make big mistakes that cost them far more than a property manager would charge.

I feel like there's still people trying to make BRRRR deals work close to the city and the truth is it's nearly impossible given prices, rates, and the cost of construction.