Once you go above $125k/unit you start to get into the high end areas that won't have very good rent/price ratios and are under the 1% rule mark for turnkey stuff.Neighborhood wise in the city the "East End" is where the most expensive real estate is since that's where the universities and a lot of the hospitals are located.

Talk to your attorney, and if you dont have one, get one - as @Ken M. said, this is highly specific to the state and the circumstances.

@Samuel Coronado - the challenge is that there will likely be a very small number of renters looking for a house that size, as well as that can afford a rent amount that high who won't just buy otherwise. 

Sewer and water in my area is around 10k a unit.

In high barrier markets, rents have gotten stronger but not the double digit growth we had seen, which was an anomaly.  

First of all, let me pay my respects to the hardworking people in real estate and the treacherous waters they navigate—fronting hours of effort with only the chance of commissions and an abundance of non-forthright people out there.

The penalties are just too high. 

Although, I have not bought anything recently since the market has gotten too high/hot. 

Especially in a high interest rate environment where cash flows on long term rentals are muted and there is significant capital required to purchase and list on airbnb.I live near NYC but would invest out of state in an airbnb / landlord friendly state.

If you find yourself in a similar situation, I highly recommend exploring the gift of equity deals and using sweat equity for renovations.