Probably going to take 6+ before you get traction but it's worth it

Though I expect that to increase in the future when more ADUs are constructed.

Practice analyzing deals, explore surrounding markets if NYC feels too competitive, and stay persistent, closing your first deal takes time but is well worth the effort.Good luck!

The "variables" you speak to could mean this is worth every cent of a 5.4% cap rate to "I wouldn't touch this for a 12 cap".  

It might be worth a follow-up closer to the move-out date to confirm their plans, but avoid excessive contact to prevent escalation.

The first couple is a no-brainer.The second group has too many people, increasing wear-and-tear on the home.

The rent control in some cases is really unfair to the landlord as the percentage increases are virtually irrelevant when the rent is a small amount.

Obviously, if you are just looking for LTR's there is a bit less risk there.If you're going to do it, make sure to fully vet your team tooth and comb and ensure they have a reputation worth something to them.

So what is your land worth if you have to pay for the toxic waste clean up (or have the government clean it up and then put a lien on your property for services rendered)?

In Metro Detroit, and I'd think in most Midwest cities, investors really have two options:1) Buy Class B and either put more down to cashflow at closing or deal with 1-3 years of negative cashflow until rents increase.