He purchased  the apartment 42 years ago when the area was bad ( meat packing district in Manhattan ), the landlord defaulted on property taxes, the city foreclosed and offered the property to existing residents for $1500.  

The duplex was built at a time when the population density of the Borough of Homestead down the street was approximately the same as modern-day Manhattan.

Here I've even done that for you: http://www.google.com/#hl=en&gs_nf=1&gs_mss=3rd%20party%20payer&cp=33&gs_id=3t&xhr=t&q=3rd+party+payer+health+care+costs&pf=p&sclient=psy-ab&oq=3rd+party+payer+health+care+costs&gs_l=&pbx=1&bav=on.2,or.r_gc.r_pw.r_qf.

Buy 10 homes in Hawthorne for $6.5 million ($650,000 each) or one home for $6.5 million in Manhattan Beach.

That said, these tend to be higher end properties in Manhattan, I’m not sure what price point you’re looking at.  

@Wesley MeilandtYou mean you don't want to invest in rental property in Manhattan Beach, the area with the highest price per square foot in LA?

I currently live in Manhattan and am facing a similar situation where I'm evaluating the best next step to take.

All the addresses I’ve sent them in Manhattan and Brooklyn were approved and I’m guessing you’ll have a much easier time in high appreciation areas.

This year, my Slack acquaintance couple purchased a $2.6 million 3bedroom condo apartment in Greenwich Village, Manhattan with intention to rent it out in a few years to pay off their $4k/month mortgage.

Purchase price: $315,000 Cash invested: $315,000 Studio apartment in Manhattan What made you interested in investing in this type of deal?