Those things factor in the variance needed to have confidence in my estimating.

I am assuming that these expenses should be factored into your budget prior to calculating your cash flow.

I'd recommend the spread on the return and your ability to replace damaged items (local vs. not local, strength of your team) be the determining factors in that decision.

I understand there are other factors such as pitch etc. but i am trying to get ballpark range. 

The loan on a property shouldn’t factor into the taxes.

it is technically a real thing but very rare, and there is plenty of historical data out there that shows those who have less skin in the game are at a far greater risk of default by a factor of 5-7x.

Will factor this in our decision making process.

What are some key factors to consider?

If the rate is reasonable then it may make sense to try to save fast to get to the 3.5% down payment on a double or triple - househacking may allow you to increase your savings rate and pay down that loan even faster.As for estimating costs, closing in NY factor at least 1% of the mortgage amount for tax, plus $1500-2000 for lawyer, title and fees, then the amount required by the bank for escrow will depend on the actual property taxes and insurance.

Good location is a big factor.