Contractors, unless you have a working relationship with them, normally do not want you bouncing ideas off them.Understand what their hourly rate is, have a discussion with them that you are okay with paying them an hourly rate if they walk the property with you and provide you a scope of work along with an explanation of what you can/can't get away with in regards to improvements.ask them if you go with them, if they can credit you the amount that you paid.Once you develop a working relationship with a few contractors, you can bounce ideas off them and expect quality responses.I do not invest in New York.Best of luck. 

I use a spreadsheet I developed to determine my entry costs, carrying costs, cash flow, tax write offs, appreciation and exit costs.

This reduces exit options and affects the value. 10) Small number of small units is the most expensive residential development there is.

Too many people are sleeping on this.Kentucky Economic Development has many site ready properties in smaller areas that are ripe for rentals. 

I ran your numbers through my own development proforma analyzer and it looks really good as a DSCR loan. 

I personally like to buy in towns/neighborhoods in which no new builds are possible within 10 miles because all the land is developed.

lat=43.1688001618486&lon=-77.6159378282709 I’d also suggest considering whether you live or work nearby, so you can stay informed about any developments. 

To be successful in Miami, you would need to have some serious capital to compete with the groundswell of experienced investors and developers.

@Frankie Paterno In most places you will likely find that your $1.2MM will go much further with existing built as opposed to developing.

You can see the development in the area is in full swing.