@Erika ShiuTo make an informed first-house investment, consider income potential, mortgage risk, and budget constraints.

What you can also do is attend local or long-distance meetings and meet with people who are landlords in NYC. 

Cash Flow Needs: If a business faces cash flow constraints, refinancing to lower payments or extend the loan term can help improve DSCR by making debt obligations more manageable.4.

Are you estimating that building will be more profitable with the higher material prices and the added challenges of getting a certain type of financing together with the time constraints to minimize holding costs? 

China has cheaper labor, almost no EPA constraints, far cheaper electric power with their new Dam, etc.

I think Bethlehem and some of the satellite areas are nicer than Easton especially going up 33 as long as you stay spitting distance to 78.

It'll be nice to have that behind me.And yes, in the Denver area the inflation of house values has outpaced my ability to save, so that's one reason why I decided to try investing from a distance. 

First, what's your comfort zone for distance?

Like @Nicholas L. said, maybe look within a reasonable driving distance from where you live, is there any city or state where you have family or friends that live there where you could travel to frequently and they could keep on the property for you or somewhere you visit a lot.  

But it all depends on what your goals and money/time constraints are.