The problem is land use regulations.

@Kenneth Leonard if you don't mind coming to Long Island, there is a 1 time a month meeting with all investors interested in Multifamily.

Trying to find a legal two family investment property on Long Island is very difficult.

So here is how I would set this up: Kitchen: Appliances - $6,000 Cabinets - $10,000Countertop - $70-110/sqftSink - $1,500Faucet - $500Cab pulls - $500 (or $6-10/pull) Install - $2,000Flooring: Floor product (unfinished): (expect to pay 4 - 10 dollars per board foot for anything quality) Floor finishing (sanding, coating etc) roughly $3/Sq ft (as long as you are using a standard coating (polyurethane) if you want to go higher end with an oil or stain expect this to jump to 4-5/sq ft Bathrooms:Demo: $/hour x expected hours Underlayment: Schulter Shower System (approx: 500/shower enclosure) Tile/grout/thinset: 6-10 sq/ftInstall: $3-6 sq/ft Lighting and Electric: (pricing includes installation)   Switches: approx $30/switch  (this assumes a mid range Leviton 3-way dimmer) Outlets: $10 (TR Leviton duplex, GFI where needed and duplex/USB combo in Kitchen Island and a few choice locations) Lighting:Surface mount approx $150/fixtureCan: approx. $250/fixture (assuming old work install by electrician)A little more on why I do it this way: Kitchen: You can figure out exactly how much your kitchen is going to cost before you start.

I have focused in on an area that can provide positive cash flow on a 300k buy & hold property on Long Island NY.

Camarillo, Oxnard, Channel Islands?

I would like to expand my borders a bit, perhaps to Whidbey Island, Mount Vernon,  or even Bellingham.  

Rhode Island and Thompson v.

Is this a property that is or was recently habited or the seller was paying a mortagage on an uninhabitable property?

Definitely a fair point, its not an island by any means.