The cash flow is good given I am on a very low interest rate besides I am a DIY live in landlord currently .PITI is a little less than 4k while I make a rent of 5k while living for free and there is lot more room to increase rent.

It is brand new build, so no room to increase value outside normal appreciation.

Yes, in recent memory, aside from the sub prime mortgage crises which caused prices to drop, over time housing prices in New York City has increased substantially. 

High property taxes and increases in insurance are very real there as well.

So our cash flow was reducing during our hold due to poor ADR increase and large insurance and prop tax increases.  

It has worked out well for me and I like not having to pay taxes on the gains which helps me increase the amount I'm able to lend next time if needed.

[Source: National Association of Home Builders]Demand: The chart below illustrates the steady increase in household formation, a key driver of housing demand.

We're already getting hammered with huge insurance increases because of the damages in these coastal areas. 

Yes if the cost is merely $7k, you will be able to re-capture that cost within 1 year and most importantly, increase the value of the home. - What measures can landlords take to ensure protection while renting, and what steps should be considered prior to seeking a tenant? 

Hi @Stephanie LopezWholesalers run campaigns called "Agent Outreach" to get access to your sphere of influence and, ultimately, any pocket listings/distressed properties you may have.