We do not have kids.

Since the kids are in school, the only real window to remodel was in summer.

If its college students/young professionals @Nathan Gesner gave some solid idea.If there are a lot of tenants with young kids, maybe a safe play areaAll depends who lives there

There is a big difference between a kid's goldfish, and a multiple Oscars thrashing about.

I’d love to have real estate provide some financial freedom/flexibility and create a portfolio that I could eventually get my kids involved with and pass down to them, but I end up feeling frozen/stuck based on the factors above. 

I don't have any debt and I don't have kids or much going on outside of my 9-5 career. 

No one in the Bronx or Queens is selling on wholesale to an out-of-town kid.

It is primarily a family neighborhood with kids. 

I'm looking at the asset and RE as a store of wealth (as part of my overall investment portfolio) to pass onto my kids.

I am not kidding!