The city is projected to add over 1 million new residents by 2040, with a significant portion of this growth occurring in the next five years.

You can have "good" residents and market rent...no need to settle for one or the other. 

Currently, I own a single-family home that serves as my primary residence.

Investment Info:Single-family residence wholesale investment.

Days on Market (DOM) since Q3 of last year.Single-family residence values continue rising and are selling for nearly 9% more than last year - National average for home sale price increases is 4% since last year per one of BP's most recent podcasts.Multifamily properties in Queens have sold for a median price nearly 6% above last year, jumping from $1,058,000 in Q3 '24 to $1,120,000 in 2024.Lastly, despite inventory increases, the # of sold properties has declined when compared to last year.

It's an active business, not passive so I believe that requires continually evaluating the property, adjustments to decor, etc may be needed as well to make sure I'm fully optimizing the property.I have a lot of home renovation experience from my own personal home and my LTR's already so I'm very used to this kind of work.

I swap out pictures to some with decorations and a more seasonal feeling.

Furthermore  once the 1031 intermediary get their cut and you also pay two sets of closing costs ( buyers now have to pay closing costs in some states ) as opposed to just one closing cost ( if not doing the 1031) it might be a “half a dozen vs 6 of the other “ scenario .Also one of the turn offs to the 1031 exchange is the interest rate will be much higher with todays rates especially since we would have to get an investment property loan which are higher than “ primary residence “ loans ..Will probably lower the rent asap ( have one more showing ) and then put it on the market .Thanks for the great advice Christian 

If you did the latter, then there was no usable bathroom during this time for those residents and technically the unit was not habitable.

Quote from @Jerome Wiley: Can the landlord ask a perspective tenant how many adults will reside at the rental property?