And unfortunately  as you must know in the NYC metro you are rarely to going to go higher than 8% cap unless it’s in disastrous condition, or a motivated seller. 5.

To combine the two into a land purchase and construction loan you need to demonstrate on paper exactly what you plan to build and that the planning desk allows this without a conditional use permit/hearings/delays/neighbor complaints tying you up to wait 24 months to start.

Rents are a little low but on par with current conditions.

Cash only is just what it sounds like, they won't entertain financing conditions.

So, are your rents where they should be for the area, the condition of the apt, the sq.ft, and amenities?  

When purchasing a BRRRR property, it's super likely that at least some of the neighboring homes will be in less-than-ideal condition so you want to give it time for those models to go under some rehab hopefully and appreciate which will help your appraised value at the end of the seasoning period so you can maximize your cash-out.If you have any additional questions - feel free to reach out!

It appears the property is in bad shape, what can you tell me about the condition and is the tenant causing more and more damage?

Good deals are based on market conditions, rents, skills, time, and your capital investments among other factors. 

Verify the interest rates and terms of the existing loans, as favorable rates can be beneficial, while higher rates might prompt you to consider refinancing later.Assess the condition of the properties thoroughly, especially since the owner is "done with them," which might indicate deferred maintenance.

However, after encountering the skewed tenant/landlord laws and a political climate that often vilifies landlords, I found the conditions unfavorable.