I've seen E&O carriers spend more money on forensic examinations of computers then the loss so as not to assume liability and frequently the forensic report is vague as to what the examination found.   

If I have a tenant who is hard on appliances in general, they are rather frequently not someone whose lease I want to keep renewing.

If not, you may want to pay the extra premium and get Replacement Cost.Property Characteristic Example - If you have a finished lower level, Back-up of Sewer for $50 probably make sense.  

The negatives I would imagine are frequent turnover of tenants, cost, and time for repairs.Is there any kind of other value add other than raising the rents? 

Or if the client is trying to sell a mixed use asset like a convenience store restaurant or motel, they will frequently try  to negotiate higher allocation to the land and building and a lower allocation to the FFE (fixtures and equipment) since only the land and building can be included in a 1031 exchange.When and if you finally sell without a 1031 exchange a higher land value can certainly be a huge tax mitigator!

Key differences I see: Much higher rentMarginally higher fixed expenses around $525Marginally higher variable expenses around 725 - as it is an older house, as are all in westchester, frequently more things break, keep a larger repair budget available.If you are living in a unit then you would be on the hook for about 2545 (2345 + 200 missing cashflow). 

I really enjoyed Traction, the 4 Hour Work Week, Millionare Real Estate Investor, Extreme Ownership, The 10X Rule, Make your Bed and I reread my books frequently.

While there are great tenants in all income levels, but in lower income areas, I typically have higher and more frequent turn over.  

The flood insurance policy is currently being quoted, though from what my insurance agent said it doesn't frequently include tenant relocation. 

You’ll find that this forum and the people who frequent it will be a never ending source of info. to speak to your question of where to begin, depends on where you want to go.