However, given that I'm a short commute away from Manhattan (Bayonne, NJ), I can't imagine a house-hack situation that completely covers my mortgage. 

It is what I use in PF / Sevierville area.

There is an explosion in Public/Private investment in the waterfront, SpaceX is moving to town, and the area is catching all the overflow from the south bay communities of Redondo/Hermosa/Manhattan.

Hello from across the water in Manhattan.

@Nicholas UrcuioliFirst of all you wouldn’t value a three unit building based on Cape Rate.Four units and under are considered residential and you would use the price comparison approach on an appraisal.Cap Rate is purely a measure of risk and never a measure of your actual cash on cash returns or future gross profitPlaces like San Francisco Los Angeles and Manhattan have way more renters (demand)  then there are vacant units (supply).This makes these markets extremely safe because the risk of the whole building becoming vacant is almost 0Markets with higher Rates like Ohio or Alabama must pay a higher return on investment because they are riskier markets with much higher vacancy rates and demand and Manhattan have way more renters parenthesedemand

The next is that you want someone incentivized to pay for marketing (professional photography, floorplan, mailers, maybe staging, etc).Depending on where the house is located you'll want it listed on either the REBNY/RLS (which covers western Queens closer to Manhattan) or LIBOR/MLSLI (which covers most of Queens but to the east).

I'm new to the world of RE investing and would like to meet like minded individuals to learn, partner, encourage and exchange information.This is open to investors of all levels, invest in NYC and out of state.Let's m...

This article from the NY Times puts it at 24% in Manhattan.

Others are following suit.Add alt textBusiness hotels around our offices in downtown manhattan are offering 50% - 70% reductions to fill rooms....yet it seems they remain empty.A stalled EconomyRestarting a stalled economy is very difficult.

Others are following suit.Add alt textBusiness hotels around our offices in downtown manhattan are offering 50% - 70% reductions to fill rooms....yet it seems they remain empty.A stalled EconomyRestarting a stalled economy is very difficult.