(and I have full time job so time is limited)Here’s a breakdown of my investment plan–I would greatly appreciate any guidance and recommendations on making this (or some version of this) happen.PropertyLocationAttributesB-level areas (A-D scale)Safe enough for my girlfriend to feel generally safe walking alone in the eveningWalkable neighborhood / close to transit (car ownership not necessary to live there)Area(s) of interest (not set in stone)Jersey City areaConditionB or C-level (A-D scale)Semi-distressed with potential for minor rehab upgrades ($35k max)DealbreakersFoundational issues / big required rehab due to FHA 203(k) max for streamlined versionSize2-4 units (higher the better)2-4br per unit preferredMax Budget (FHA loan limits)NYCSingle-Family Home: Up to $1,089,300 + 3.5%Duplex: Up to $1,394,775 + 3.5%Triplex: Up to $1,685,850 + 3.5%Quadplex: Up to $2,095,200 + 3.5%Hudson County, NJSingle-Family Home: Up to $1,149,825 + 3.5%Duplex: Up to $1,472,250 + 3.5%Triplex: Up to $1,779,525 + 3.5%Quadplex: Up to $2,211,600 + 3.5%TimelineTitle in-hand latest: Jan-Feb 2025Can potentially buy earlier if I sublet my current apartment in NYC as needed (lease expires Mar 1, 2023)Rehab: 30-45 days max of minor rehab/renoMove-in: on or before Mar 1, 2025 (hard deadline)FinancingLoan type: FHA or FHA Streamlined 203(k) for rehab <=$35kPossible conventional loan if I seek investment from family/friendsApproval statusGoal is to get pre-approved now in advance for credibilityMy statsEmployment: Full-time at large bankIncome: low-mid 6 figuresAssets: low-mid 6 figures (including 401(k))Credit score: 800DTI: 2.5% (student loan)Thank you in advance for your support.

Looking at my first property and there is a severely intense odor in the basement (concrete) and some slight orders on the other levels of the house as well (hardwood floors and carpet).

@Pat Lulewicz I'll go a limb and say finding/converting a property to a duplex in this market is nearly impossible and probably a waste of time given the his experience level.

@Justin Mays It will depend on your comfort level and where you're at financially if you're ready to buy land to flip.

@Derrek J HooymanLook at the median home price data and rental data at the city level or zip code level.

35 years in the game wanting to go next level, grow myself as I grow others.  

If you can keep the current tenant and raise the rent to market level, I think that's not a bad idea either.

You can't reliably spend your 'cashflow' on living expenses, because you don't know when that next big expense is coming and therefore you need to keep that cash on hand instead of spending it.Historically real estate has tended to go up in value by roughly 4% yearly on a nationwide level. 

Loan of $50000 has same bottom level flat fees that $200000 does.

So, depending on your budget, space and how close you are to neighbors and their level of patience with the noise, maybe you could do both.