Good potential for appreciation/rent growth upside as well in the next 5-10 years in my opinion with the market still being one of the most affordable in the country.

However, looks like there is a harsh line as far as what locals can afford and if you go over that, vacancy is high.Watertown, NY- I’ve seen many great multi-family properties in the low to mid 100s.

While it provides opportunities for buyers who may not qualify for traditional loans, it's important to ensure affordability and long-term sustainability.

But at the same time, this market just keeps climbing, and it doesn’t look like it’s slowing down anytime soon.Suffolk is definitely more affordable than Nassau, but even out there, prices are getting ridiculous.

As others mentioned can you afford the negative cash flow?

Since your dad is a contractor with access to affordable labor, the renovation costs could be lower than average.

It's the only that I can affordable How did you find this deal and how did you negotiate it?

You could probably afford $20,000 without much impact on your budget.

You can increase returns with leverage (that is a mortgage) or with value add (renovations, additions etc).I think cap rates (rents minus expenses divided by purchase price) on commercial and industrial is higher with less work involved, but its more expensive than I can afford--so I know next to nothing about that land.

Still decently affordable.