Our team along with clients all are heavily investing in the area, and it is a strong place to start. close proximity to New York and New Jersey, paired with extremely affordable property/taxes and high rental demand make it on most people's radar.  

*Renovation Costs – Includes labor, materials, permits, and unexpected repairs*Holding Costs — Utilities, property taxes, and financing costs during the renovation time.

Have any idea about Gift tax in NY?

$60k profit pre-tax.

You are going to need to see their tax returns to see if they are telling the truth.And what is the interest rate that they are offering you?

I would rather earn $2000 per month at a 12% rate of return than $500 per month at a 1000% return.

(This is what we do, no upkeep,  and we love the 10% down, plus cash flow, principal deduction and tax write offs) Some of our investors use their SDIRA or 401(k) or pension to do this.4.

Had to negotiate to 999,000 only to stay under the NYC luxury tax.

If you're using Zillow or the tax district or almost any public facing website, I always question how good the comps are.   

However, this means you’ll need to comply with the annual filing, franchise tax, and reporting requirements in both states.