If you want to do really well like a relative of mine just open an office in Manhattan NYC and don't accept insurance (most dental insurance suck anyway).

If I am pre-approved for 150k, I am not looking in Manhattan.

I looked for one within 30 mins of Manhattan with lots of access to public transportation.

during the "boom" times but COVID has loosened everything up and now 5% can be had in Manhattan, 6%-7% in Brooklyn and even 8% in the Bronx.

These types pf properties have proved to be very profitable 'arms length' 401(k)-solo investments for us.

Metro areas like San Francisco, DC, Manhattan, Boston.....you have huge demand because A) Population is growing and B) incomes are growing. 

It is all relative. look at it from all sides.As a new Yorker myself I know 6 hrs away in Long Island can be from manhattan I don't see square foot charges just a list of broken down items that seam to look at dazzling you with #s.That being said. having been a contractor for 20 years no # by itself looks crazy, but without specifics such as square footage hourly rate, Day rate or flat rates its tough to justify one way or another.You can use book and internet resources for national costs, Such as RS MEans Nation construction data or home owner versions of https://homewyse.comThe better ones can be adjusted by zip code. 

Sure you may want 5000 units in manhattan, but you may need to create a portfolio that puts 300k (after all bills/hold backs) into your pocket.

There is actually a biggerpockets Manhattan meetup going on tomorrow hosted by @Darren Sager On a side note I've been looking at property in the Newburgh area on the REO site, there very affordable, crime up there may not be as bad as some of the stats indicate....

Live in South Florida but moved from CA a few months back and working a job in Manhattan - so paying taxes everywhere.