We have owned rentals in the past as well. 

Well, yes, some properties may require complete work, but others may just need cosmetic things to bring them back on the market.

@Carlos C.Mark Kohler is well respected in the industry.

Let's of NYC investors look at other cities in NY, Rochester, Buffalo, etc... they can drive to them to see them, and they know the state well enough to feel comfortable.Most of the rust belt cities in NY offer cash flow as well. 

Quote from @Chase  I hope all is well!

SFH under 200k, definitely exist. 300k for SMF as well.

All have performed well and rent easily.

With that said, I've done some research on the market and found the following information helpful in my considerations for Phoenix that you might find helpful as well:  Demand for both buying and renting property remains high due to the city's strong economy and growing population. 

Watch out for egress (windows or doors) as well.  

The deal doesn't work as well with higher interest rates.