In my area it is easy to verify property taxes and I have a good insurance agent that that I talk and as a result have a good working knowledge of what they cost will be in my area.

I have one in Brownsburg that is similar, but there is a house and a converted garage on the same property. 

Cash flow like this is usually D to D- areas, rough tenancies, and a groundswell of cap ex after you close and hit winter in Buffalo.

When I pull comps, I use nearby and recently sold ( within 3-6 months ) properties with similar or matching bed and bath count, and as close to the same sq. footage as possible.

At that time the lender gave you a fixed loan for a certain period of time with so much down and a certain amortization schedule.The debt service coverage ratio example.At DSCR of 1.25 means for every dollar of mortgage payment the NOI can cover 125%Your current lender back in the day might have done say for example a 1.10 DSCR ratio because absolute NNN and investment grade so perceived risk to them was low.

Not to mention it's 70 miles away and the stress/sleepless nights. 5k and a free property?

Ive done all my research (plans, permits, contractors, etc) and feel like it's a no brainer and a fairly streamlined approval process in my area.

Knocking off $4k for that additional bathroom let's say it's $170k ARV, looking at this for a flip and using the 75% formula and a $120k buy price that only leaves $7500 for a reno budget - I'm no expert but I'm pretty sure it'll take more than that! 

Close proximity to NYC, the nearby state park, and a destination by itself for certain people.

So you’d have maybe $335k in equity left and a loan for $665k.