You're right in thinking that there arent too many distressed properties in the high income areas, just focus on the fundamentals (quality location, quality asset) and you'll find success. 

The market has strong fundamentals, which will continue to support strong rent growth over the next year or so.

There are a bunch of posts on this forum and on the Fix and Flip forum that will teach you the fundamentals. 

Cap rate, is a fundamental formula in real estate investing, particularly for evaluating income-producing properties like multifamily units.

Typical returns can be lower here due to high asset prices going-in, but asset prices are high because there is less of a risk premium baked into the valuations - ie. everyone knows that NYC is one of the most resilient and consistently performing markets year after year, so they're willing to pay a bit more and accept a bit less fundamental return on their money.  

While slowly improving, the local fundamentals remain weak and the level of poverty still one of the highest in the nation. 

More on that later, because its not always a bad agenda, but we need to start with the fundamentals assumptions....I pretty much stop trying to argue with people on here for the following reasons 1) if they think so negatively of this demographic and the "headaches" that go along with it - the tenants don't need landlords like that in their neighborhoods and I don't need to spend time convincing them 2)  I don't need to try to learn or convince people who are diametrically opposed to how great this is.

A lot of the in-state investors in OH also like the fundamentals.

When considering OOS investing, look for markets with strong economic fundamentals, such as job growth, population growth, and low unemployment rates.

Do people in STR not get this very basic fundamental?