I could go on and on, but suffice to say the devil is in the detail, not in the high level split.

BiggerPockets also has a calculator to analyze deals, and I highly recommend you start this as soon as possible, even if you are not ready to buy.

Note the below bill was proposed, establishing a 5-year moratorium on condo conversions in high population/population density counties (basically Hudson County only).

One thing I think I would do is either hire a professional market research company and/or get a local high school or college marketing class to do market research and surveys to see if there is interest and demand. 

And if you haven’t performed a cost seg study before and intend on improving your property, I highly recommend doing so beforehand.ARE THERE ADDITIONAL BENEFITS TO A COST SEGREGATION STUDY?

The only thing that I can think of is that the rent price could possibly be too high. 

I don't like it I have to be honest - I think part of the reason you're cashflowing is the low interest rate and relatively high downpayment.

Current prediction is rates will land in the high 4s in 2 to 3 years.

High-quality photos and detailed property descriptions are key. 

Your second property is either a highly leveraged property to round out. your 1031.