I know it could rent and essentially pay for itself.

A cap rate is essentially a measure of desirability for the market or neighborhood the property is in. 

This is also a useful tool when trying to decide between renting, househacking, or purchasing a single-family residence/condo apartment.NYC househacking is possible but some areas will be more competitive than others.

There are specific rules for 1031 exchanges including:The replacement property must be identified within 45 days of transferring the relinquished property.The replacement property must be received within 180 days after the transfer of the relinquished property or the due date of the taxpayer's tax return, whichever is earlier.Special rules apply for exchanges between related parties (defined in § 267(b) or 707(b)(1)).Real property located in the United States and real property located outside the United States are not considered property of like kind.Cost Segregation StudiesA Cost Segregation study is an IRS approved federal income tax tool that increases near term cash flow by utilizing shorter recovery periods for depreciation to accelerate return on investment.

BP has various tools to help you analyze your deals (rentals, flips, wholesale, etc). : https://www.biggerpockets.com/investment-calculators7.

Understanding the nuances involved in each investment decision deeply and weighing these factors according to your investment goals and risk tolerance is essential.

@Pietro Gaglio There’s a great lookup tool based on actual and projected data.

Essentially the developer / property manager didn’t pay our contractual rental income for years (a sum of nearly $30k) and I didn’t have much recourse.

I agree that it is essential to understand the differences in every sub-market. 

Hi Omri, BRRRR is a great investing tool to build up a portfolio.