But based on that area and depending on the size of your cabin, you may not be as far off on your price as people here think - even with your lower revenue numbers (assuming you didn't accidentally give us net instead of gross revenue). 

This may result in lower rents and recoverable expenses, but it avoids a future lawsuit against you.

*Affordable – Next, Phoenix has relatively affordable properties in comparison to other top metro areas such as Los Angeles and San Francisco, which means that investors have the chance to purchase homes at lower rates, thus increasing their profit margins.

Once you move in, refinancing into a lower-rate owner-occupied loan could be beneficial, but again, your 1099 income history will play a role.Lender-Specific Guidelines – Some lenders might have clauses about intent to occupy, so make sure there’s nothing in your loan docs that could create an issue down the road.

Are units in the area about the same price or are they way lower??

that will be a lower priced property that you most likely will be lending on. can it be done yes.

Typically lenders will use the total rent being collect or the market rent given on your appraisal, which ever is lower.

And, even then, hitting your rate target would still be extremely challenging unless you were paying points up front, in which case it would probably make more sense to just try to put in a bigger down payment (or pay down the balance if refi) instead and get better terms naturally offered at the lower LTV.

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.

*I aim for a certain guest experience and keep occupancy lower to minimize wear-and-tear and respect my neighbors.