No way the rehab is just 10K.Well my little silly bunz, I am hoping I can expose the brick and leave electrical in metal conduit, making this the very sought after "industrial  look".. much like .. so:I just not sure if the inspector will let me get away with this.

Even then it wouldn’t be consistent rental cash flow, considering property taxes, electricity and such.

The land already has Electric, Water, Gas and a septic tank installed.The city has already blessed off on placing either a Commercial Building or a limit of 2 mobile homes on the property.In 2016 the Tax Estimate was valued at $24,000 due to improvements the renter has made to the property.I have a current renter who has been using the property for over 3 years wanting to buy the property and willing to sign a contract for $22,500 @ 10% for 12 years.

It's rare for tenants to pay their own heat in NYC (it does happen in newer buildings, though I'd be surprised if a brand new 2 unit in Queens would be going for 400K), but even assuming they do, you need to pay for electric in common areas and I've never heard of a tenant paying water in NYC.

If in theory this project is brand new with separate meters, intact plumbing, electrical boxes etc. still only 2 unit building, should the process be straight forward?

It doesn't have heat or a/c but the electrical was updated 3 years ago and the owner/occupier of the property has made a few improvements including siding, paint, wood rot replacement, electrical.

The unit I am living in is a 1 BR/1 BA on the second floor of the building...the door to the attic is right outside my entrance and goes up to a big open area that USED to be 2 additional bedrooms, however, it has been vacant for years as there was a fire in the 80's.My handyman took a look and agreed that he could definitely add the 2 bedrooms, no problems...I know egress windows will be a major factor and I am also looking into the heating and electric to make sure it is linked to my unit's heater/panel.What else should I be looking/planning for?

You say potential so does that mean vacant pads where you have to plop down a home or develop infrastructure ( i.e. roads ,sewer, electric   )   .  

One has a non-functioning wall-mounted gas heater and the other one has an electric baseboard heater.

It’s funny you ask one of the houses I am looking at is on a slab with all electric heat.