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

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.

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

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.

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.

Customer supplies materials ?  

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?

Is the option government supplied insurance where taxes supplement the insurance?