In this case, Bank of New York Mellon has owned the property for several years, during which time they have performed maintenance, winterizing, etc. 

I moved to Tampa, Florida but am still renting out my almost paid for house in New York and I'm loving the cash flow!

I live in Queens, New York.

As a newer investor, you can take the proceeds of your NOI to reinvest, and continue to grow your operations.But.....If this was the only method there would be no successful RE investors in Los Angeles, San Francisco and New York; which obviously isn't true.

I am targeting  Jersey City, Union City and West New York.

@Dan Barli ok thanks

Dan, Thanks @Dan Barli for the direction (I'm new to the site).

@Dan Barli

As a real estate broker in New York (where inventory moves quickly and it is difficult to buy at steep discounts), most times it is not worth it to go around putting in lowball offers for my clients mainly because the market moves quickly and also because it wastes everyone's time.   

@Mike Cumbie that's might be New York thing - why do you protect your seller by not letting Buyer to see the property again?