The major pieces of information you are missing include NOI which includes deducting all of your operating expenses from your gross rents sans debt service, market dynamics (what are vacancy rates and asking rents like in the market the building is located in?)

One major things to consider that many newer investors miss with 5+ units, is that if you intend to hold, the property will need to be at least 75% occupied and stabilized before you will be able to find reasonable financing terms. 

I'll keep it fully furnished, so I can potentially charge more, especially since it’s also near a major hospital in Astoria and close to LGA.Do you think this plan is feasible?

Any major drawbacks or is it easier than it sounds? 

I think that strategy works best in higher areas or mid term rentals near major employers.  

That also plays a major role in what to do. end of day stocks and real estate over time provide the same return on average - so it is really based on the individual, their experience and desire Thank you. 

We don't want to bring on every owner or every property unless they fit within our target market, so, I do the far majority of the sales - this is our check and balance.

I have two options 6.625% 30 year or 6.15% 15 yearI want to invest aggressively in the near future on more propertiesThe loan is only $110k and the monthly payment for 15 year is $563 and $750I will earn 2-3k a month in gross rental revenueThe property is in a declining population areaRecently rennovated, and all major things were relatively recently improved such as plumbing, the roof, a/c, electric, etc.Will require a lot of management as it is rent by the room so I may switch to a normal rental after 10 yearsI'm trying to find what will mathematically net me the most money in the long run.

Minimal changes to effect common entrances, no major shifts in load bearing, easy plumbing changes for wherever the new kitchen would be... it's a lot of boxes to check. 

Plano is a major job market to the South.