The process went smoothly, and I’m happy I got a tenant so fast, but the high supply of new builds in the area makes me nervous.

I keep hearing that costs of labor and supplies are rising (when aren't they?)

For one is that an appropriate price point for the supply/demand curve intersection?

And the reason why your "tale of two halves" will play out as you described.Demand:  This has actually been high almost all along, but rent growth hasn't materialized in response due to high levels of new supply. 

As Mitch pointed to, on one hand, STRs are housing supply locally and will likely get looked at. 

Supply and Demand: When buyers outnumber sellers, prices and rents rise.Population Growth: Cities with significant and sustained population increases are more likely to see long-term rent growth.Job Stability and GrowthA property’s value is tied to the jobs in the area.

If you don't flip, these guys are usually in the appropriate isles at Home Depot with the carts of supplies or just hang around the commercial check out.

Actually buying these apartments and not the current supply is a good opportunity.

We ended up having to dig up parts of the front yard to replace the main water line that connected to the city water supply to the home.

About Westchester, NY:- One of the most expensive places in the US, maybe the world- Supply is VERY low- Houses are no less than like $600k-$700k, I'm also getting outbid a lot.- Now Foreclosures may be a good discount but at the same time I already know that there is aLOT more risk to this.I already have a real estate agent, a mortgage broker, and am getting connections to contractors and so forth.My few Questions are:- Do I need a real estate agent in this process for foreclosures?