As you know, I sold 3/4 of my portfolio (thousands of units) right before the market tanked in 2022 and I haven't bought anything in over 3 years. 

If I had to guess I would say your money could “develop” 1-2 houses in Staten Island but in the right market you could easily get up to 12 or possibly more good units fully paid for.

Also, watch out for any litigation or construction issues that could lead to HOA fee increases down the road.Alternatively, you could consider a good deal on a single-family home or a 2-4 unit property.

Or you can just put it all into the reserve account, growing that to buy your next property and/or for future capex or vacancy/unit make-ready expenses.

Here is the scenerio:3-unit investment property worth $2m.

. $150 cash flow on any rental especially a triplex is dangerzone imo. 1 month of vacancy of 1 unit could destroy a years worth of financial gains.  

(I know a lot of investors who are doing this, but I've been surprised to find out that it's a new concept that others haven't considered.)The more units, the better in this scenario because you can hedge your bets with more units.

@Colin Ford recommend getting experience with your RI duplex before going OOS.You should DIY manage the unit next door, so you LEARN about property management, the goog, the bad and the ugly.Then you'll be so much better prepared to invest OOS!

You said that you are applying for an FHA loan so it sounds as though you'd be living in one unit. 

She has a ton of units in Des Moines and still lives in the area so may be able to give you some advice on what might work there and what won't.