As of today, you own a unit in a good location, it sounds like pretty much all major issues have been taken care, it's been updated, and you are above break even cash flow.

I will need to do some minor updates to the property (painting, updating bathroom tiling, updating trims, etc) in order to get the property rent ready. 

Replacing cast-iron piping can be costly and labor-intensive, and while the mixed plumbing indicates previous updates, you might want to get an estimate from a plumber to understand the full scope and cost of replacing all cast-iron pipes with PVC.

SROs once populated much of NYC and has since been phased out through renovation, demolition and updates to properties.

If it's just painting, fixtures, and some other superficial updates that could work.

Updates For 2024 and Beyondhttps://www.biggerpockets.com/blog/what-is-coming-in-2024-fo...Now, we will go over what’s next in DSCR loans—an overview of what innovations or additions to the DSCR loan product lineup may come in 2024, as well as the next evolution of this revolutionary loan product.Medium-Term RentalsOne of the biggest developments in real estate investing in 2023 has been the rise of medium-term rentals.

Notice may be given by: (A) regular mail; (B) certified mail, return receipt requested; (C) personal delivery to any resident; (D) personal delivery at the property to any occupant over 16 years old; (E) electronic mail delivery to the email address used by the Tenant to submit the lease application.

Please keep us updated! 

I plan on up dating everyone as things progress. 

Your current Lease and payment terms are recognized until [DATE]; however, moving forward, please send all payments, maintenance requests, and correspondence to the address listed at the top of this letter.If you are currently using an automatic draft, cash deposit, or other form of payment to pay for your residency, please contact your financial institution immediately so as to avoid any late fees and/or eviction notices.I have included with this letter a Tenant Update Form for you to fill out.