They can also reject your purchase as they famously did to Richard Nixon when he tried to buy coops in Manhattan.

PF is the basis of a solid financial plan and cements the critical foundation of a strong real estate investing business.  

But it's easy to see if you look at cap-rates in Manhattan and San Francisco and juxtapose those against areas like Detroit and Memphis.  

Starter apartments in Manhattan are $1.2M for a 1 bedroom right now, so that's kind of ridiculous unless you're a very wealthy person.I found a really cool area in the Hudson Valley about 55 miles North of the City - these cities are called Newburgh and Beacon.

Hypothetical: With $15M cash, what types of properties in Manhattan would you invest in if your criteria were primarily (1) enough cash flow to live on, and (2) low maintenance (not maintenance payments, but actual work needed to be done to maintain the said cash flow)?  

Lets say my current small apartment in Manhattan with a roommate only costs me 1000$/month to live in.

I work mostly on LI, but we have an agent in Manhattan and refer a lot of business to other smart brokers in the boroughs.  

Torrance is minutes away from the very high priced beach areas (redondo, manhattan and hermosa beach).

@Mandy West yes those things are true, but the barriers to entry to build in San Diego make it a very unique market compared to almost any other area of the US besides Manhattan.

As property prices have increased and as rates increase, however, they will still need to show investors similar PF returns to make them attractive.