It depends on what the property appraises for in 24 months,  if you will be able to get home owner's insurance, if lenders are lending and so on.

The property was rented and generated $160 cash flow after mortgage, taxes, insurance and property management fees were paid.

The Homeowners Insurance will include Builder's Risk. 

I think the best model, and one I'm currently working on, would be more akin to how insurance works. 

.$275000 with 25% down, taxes $4080, insurance is 3000 yr and rents is $3800 month, Water $400 mth. 

When the numbers were tallied, he had actually lost about $10,000–$20,000 per property.Here’s the kicker: Had he simply bought the properties for $80,000, left them vacant for seven years, and only paid taxes and insurance (about $1,500 per year per property), his all-in cost would’ve been around $90,500.

My biggest conundrum now is I want to be my own GC because even when I play with smaller numbers they’re still out of reach for me to be able to attain this goal and afford the monthly mortgage with taxes and insurance.

(NY counties are generally quite expensive)Do you have home owners insurance to cover fire or other damage?

The property was rented and generated $160 cash flow after mortgage, taxes, insurance and property management fees were paid.

The flood insurance has also been extremely unpredictable at any of these beaches, so that's a bit of a curve ball.