Eventually I realize that when I think about living on post-expense rental income, I’m treating the income as the “withdrawal rate”, in Boglehead parlance.

@Brandon VanTuinen  FYI the appreciation rate in City of GR is around 6% right now, so you're making around $24,000 a year just living there.

Go old school on this.

Preferred returns would even be acceptable but not a straight interest rate play if the lender understands the structure. 

Postcards for example most people hope for 1-3% response rate.

Plus, just the Holding cost for one month at say 7% of $50mm is $3.5mm just for one month.If you're in your 4th year of school or the trades, do you have both of them covered? 

•Explore private lenders or hard money loans if you need higher leverage, though the interest rates will likely be much higher.

Taxes are just as expensive as Elmira but the schools and the town are much better.

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. 

Also, under Insights you can see your conversion rate.