Her 6 years as a Property Manager have given her a deep understanding of all aspects of property management.

It's impossible to know without a deep-dive into the condition of the property, the projected renovations, and finance options.But you should still try to answer the question! 

If so, this property is going to be very slow to provide decent cash flow  - at that price, $125k, it shows poor historical appreciation.  

Where they will tap into the sewer is actually 20 ft deep. 

Stock market liquidity and diversity are complemented by real estate's potential for appreciation, tax advantages, and passive income.Before making any decisions, it's advisable to consult with local real estate professionals, including real estate agents, lenders, and property managers, who have a deep understanding of the NYC market.

I am new to real estate investing and I have do have a deep desire to make it work.

Slow and steady wins the race mate.Too many guru's and marketing companies pumping leverage to rookies because they make more money, the more somebody buys.Being patient and using all cash to begin is always safer in the long run.Build the foundation of your portfolio with cash and make it strong.After a few years, look at using leverage for faster growth.And only after you have experienced the true income and expenses of your portfolio and not just paper figures.Cash is KingCashflow is QueenLeverage is the Peasant Just my opinion 🙏

My property manager advised due to decreased university enrollment these homes are slow to rent over the last few years.  

It starts slow but it accelerates!

Due to item 1, adding an ADU can require years to start achieving any return (once the accumulated cash flow recovers the initial negative position).4) Adding an ADU is a slow process.