.- Use Historical Data: If the seller has accurate financials, their expense data can be invaluable.

Instead of moving into another single-family home, consider house hacking a duplex or triplex, this allows you to use low down payment loans (FHA, conventional) and offset your mortgage with rental income, accelerating your path to financial freedom.

I lived in the Bay Area, went to school in Santa Barbara, and decided to live and invest in Reno, NV. 

I want to purchase my sisters house as my first investment.

It’s really amazing to see you getting started in real estate at such a young age and Out-of-state multifamily investments are a great way to begin. 

Instead of jumping into an expensive Long Island market with negative cash flow, consider investing in a Texas market like San Antonio, Houston, or DFW suburbs—these areas offer strong rental demand, lower property taxes than NY, and better cash flow potential.

@Hector Lewis - The decision ultimately depends on your current cash reserves relative to your financial needs, as well as your willingness to reinvest for potential appreciation.

Is it still worth to invest in the area?

With careful planning and local insights, Richmond can be a solid addition to your investment portfolio.Good luck!

One thing I will say, and do with it what you will, if you are digging out of a bad financial position I'd suggest RE is not for you now.