Most people really don't understand this fact (myself include prior to moving here) and it can trip you up if you don't have reliable "boots on the ground" or a thorough understanding of neighborhoods and blocks.

@Thomas FarrellRecommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

Without predictability on insurability and risk of the primary collateral being destroyed (which at this point theoretically could happen anywhere) as it’s January, and would you believe in 2023 that 71K thousand square miles of northern Canada burned 5% of the entire Canadian forest with billions in damages? 

I managed a low end apartment block for several years. 

They will cover your damages only.

(NY counties are generally quite expensive)Do you have home owners insurance to cover fire or other damage?

If you have casued damages since move in please let me know which those are and I will get you a quote.

And they’ve cost me alone well over $30k in damages and lost rent thanks to their complete negligence.

Insurance protects your property from paying out of pocket for damage, plain and simple.

Save yourself the brain damage, clear it out, convert it back, discover a whole new class of tenant you can now get and enjoy the ride of eliminating 70% of the hassles this property delivers.