There are also several funds out there that provide high single digit yields that are low risk. 

The market is at historic highs and could break at any moment.

Harlem is undergoing a significant transformation, and properties like this one, which offer both historical significance and modern amenities, are in high demand.

Quote from @Brandon Croucier: Hi Kathy, at the end of the day the mortgage industry is so vast & wide it's essentially like trying to navigate the Sahara Desert.I highly recommend working with an experienced mortgage broker who knows the ins and outs of the industry to place you into the most competitive product for you.More times than not, people save money working with a small shop broker.Kathy,I wanted to revisit this to offer a a tad bit more and Brandon above is correct.

The quality of available tenant varies drastically depending on the neighborhood.

I highly recommend LIA (Landinvestor.co).

@Emily Gowen so as you pointed out you would not have to do a 1031 exchange on your current home to avoid the capital gains tax and coupled with what Dave Foster pointed out I think, speaking from experience you would have a high likelihood of success. 

This could be just specific to the real estate industry, but in both recruiting and cybersecurity consultants (hackers for hire), the ones that start their own business/consultancy, are the ones who after spending 2 years (usually exactly 2 years which is when recruiters will message them), the high performer will either 1.

Cost of capital is high right now. 

I'd hate for a temporary dip in the quality of the tenant pool to be giving my landlord "spidey sense" false alarms on account of taking an extra month or two to fill a unit.