I figure you could come in, remove a section 8 tenant, maybe renovate the unit to attract better tenants, but still end up losing money.It’s known that section 8 tenants tend to be rough on a property.  

Especially in snow and rain.I am looking to attract a more stable and better tenants.

@James Caruso Western Suffolk seems attractive for a pure investment property.

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Any main industries providing consistent employment for tenants and attracting folks off the west coast? 

On the flip side, you're going to have to ask yourself if you have any attractive alternates in which to invest your money and, preferably, are you willing to live in the in the new investment (i.e. house hack a multi-family property) or significant downgrade your standard of living accommodation.

List all apartment amenities, possible local attractions/neighborhood features and what is included in the rent/not included. 

Also.. with any luck, local meetings will have people doing actual investing around the area and hopefully can give you documents that have been used in that area, or if you notice there are no active meetings around you, you could always start one and see who it attracts.

Rehab the kitchen and whatever else to make it a more attractive rental and then refinance or get a HELOC to pull the money back out for a down payment on a new house?

Clearly it has become known as a growing city that is attracting a young, college-grad crowd - but do you think it has peaked?