Do people really care about the minimal cash flow if I can generate 80% instant equity and investors get 50% of their investment back within 6 months?

I'm specifically considering buying  a property with a bunch of separate houses on the property and subdividing them in SFRs as I think it will result in an instant overall appreciation.

Its allot less work and instant cash flow.  

At that same time, I just keep hoping my tenant will leave then boom, re-rent at market price and instant cash flow. 

A couple of the houses I bought because there was instant equity and I wasnt as careful about analyzing the cash flow as I should have been. 

I personally would have a realtor pull comps on a particular property but there are times you may not have instant access to a realtor or mls based data and have to be able to utilize Zillow or any of the other sites to get estimates. 

The point in a down payment seems to be skin in the game concept BUT if I can negotiate a contract for instant equity didn't I put skin in the game?

However, you have to remember that NYC is city for 2nd, 3rd, 4th homes for the uber rich, and as we've found out -- many billionaires from China, Russia, [used to be] Brazil, etc were just simply parking their money in these condos NOT to live, but rather to hide and hedge their currency from their government, who could confiscate their bank accounts in an instant.

I instantly was turned off after the 10 minute walkthrough we did.

Anyone who could drive to the bank would borrow as much as they could for instant arbitrage.