Hey @Tempest Byrd - I ironically went to high school with a Tempest Rouge, I love that name!

There's a high multifamily inventory in Essex, Passaic, and Hudson counties.

I would highly suggest starting with a rougher but livable/rentable multi so that you can learn and make money without all the downsides.

Hi, I would highly recommend reaching out to @Michael H.

To me this means a 2-3 bd single family home in a high B / A area and saving a big emergency fund.

Typically $2m+ homes don't cashflow due to high taxes, high insurance rates, and low rental demand. 

If you are too high, market rate customers will ignore you. 

I planned for it financially, but it's a headache for sure. your rent is too high if they are sitting vacant.. there is more inventory than butts to put in them.. therefore competition for the few qualified tenants this will cause rents to go DOWN.. if a property is not rented in 2 to 4 weeks your rent is too high .. this is one of the major risk factors that many dont see when buying in a subdivision of group of ALL new rentals..

If you believe the new assessment is too high, you can file an appeal.

Based on those numbers, yes CoC return is "accurate" but I wouldn't say it's "reasonable"...in fact, it seems VERY high.