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

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.

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.

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

Good perspective.

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.

For a $1,500 SD, they would most likely ensure an amount close to $2,700.From my perspective, we should never move in a tenant who cannot afford their security deposit.