People on this site seem to be pretty optimistic about cold calling and mailers as well so if you have capacity to do something with a site if you can secure it that might be another way to go about things. 

I'm bullish on Reno and optimistic about both appreciation and an increasing rental market.

I am from New York looking to do my first fix & flip in north NJ or even suburbs of New York.I have 40K In capital, 800 credit , I'm trying to find a way to get my first deal with those numbers (If I am too optimistic let me know in the comments) .I'm at the point where I'm looking for areas and neighborhoods that I can make the most of with the tools I currently have, but I don't even know what to look for.I think I'm on the right track but any suggestions or advice would be super beneficial.

But as long as we keep our heads up and maintain an optimistic attitude then we can still crush it in whatever market we’re in!

Being the optimistic person that I am, I saw this as an opportunity to turn this 3/1 into a 3/2 as we were going to be reframing the home anyway, and the bedrooms currently were wayyyyy larger than they needed to be. 

However, I am typically an optimist and when I get into these modes I have a hard time seeing the bad side.

Closing costs of 3-6% of the purchase price are more common.Also, $3,000 is very optimistic on a property at this price. 

Also would echo the first commenter that you might be being a tad too optimistic about what your expenses might be, even despite the fact that it’s new construction (e.g see the BP article on “the 50% rule”).Was talking with an investor in the area about a similar deal who made the point that, even if you could get someone to fill the space for $2k, filling vacancies in the future might be a problem.

This is offset by stricter MF standards, but if your stats don't fall above 25% listed rent for opex and capex (+ turnovers if using 3 buckets) based on their 20%, you can be certain you are too optimistic for a decent business plan.

All appraisals look great; all projections are optimistic; all “worst case scenarios” are NOT worse case; teams all have a hundred years of experience ( combined), all worked at successful other companies.