I have a similar perspective, as I am right on your heels with the same decision, so I'm naturally inspired. 

@Harrison Jones  One of the major flaws in your perspective is that it is focused on cheap rent (driving rents down) not affordable housing.

We decided the cost was too high and it was not worth it from a financial or risk perspective.  

Just a reply coming from my perspective based on the journey I've been on.Best of luck!

If they’ve never weathered a rocky market or interest rate shift, their pro forma might be built on wishful thinking.

The insights shared by the Realtors, @Zeke Liston, @Jimmy Lieu, @Nathan Gesner, @Samuel Diouf, @Sam McCormack, @Min Zhang provide a solid foundation for anyone starting out in this industry.From a property management perspective, it's great to see you're considering the long-term rental strategy.

I'd love to hear your perspective!

While I haven’t invested in NYC specifically, I can share a bit of perspective: For a 3-year timeline, buying can make sense if you’re confident in the market’s appreciation and can find a condo with flexibility for renting it out later.

That insurance lesson is gold, props to you for keeping perspective and having a solid team to help you navigate through it.

Meanwhile, a regular 1031 can be less complicated to manage if your main focus is simply deferring gains.Considering how property values and financing rates have shifted these past months.. do you think an OZF might be a better strategic move than a 1031 in your situation?