Things that make you go hmmm.Spend a few hours trying to explain a lease option to a seller, then the seller gets a call from me (or 3 dozen other investors chasing that same deal) offering a pile of cash and see which deal they take.Now, I have done 2, count them, 1. 2. straight options and they were both very profitable.

Count the exterior as a separate unit.

.), and plenty of knowledge of Excel (I've written VBA overlays for Excel that counted thousands of code lines).

If the unit count is wrong, they might let you know so you can adjust your offer rather than just throwing it in the trash.

Why should appraisers take cost, or rental income, into account - when it's only market value that counts? 

., which would give me an advantage before other investors can snatch it up, and it would be my first home I've ever purchased, if that counts for anything.

(After all, it has been three months and the market is red hot and appreciating, and they are owed $200k and counting on the mortgage!).

I can't count how many failed flips/inherited properties I've bought or wholesaled that your criteria would have cut out.

By second property do you mean 2nd investment property (for 3 total) or are you counting your primary residence as the first and this duplex as the second?

Though counting on appreciation is speculation most places, it really isn't in NYC.