Once I was able to break down the expenses, I would need to bring in something closer to $120k to make it worthwhile.

You need to know the NOI so ask the seller for the income and expenses for the last few years.

A beautiful older house like that will have more hidden expenses than normal. 

Property managers can also be expensive.

I originally posted on reddit saying I had 20k cash to my name but very very low expenses and a high risk tolerance.

Property managers can also be expensive.

By rich I mean they completed an application, paid the screening fee and we show that their income is sufficient to cover all of their own expenses plus pay for rent and any damages at the unit we are renting their child.

It represents a problem that requires resolution, which may involve significant time and expense.

How does the property do if you use 50% of rent as expenses not including P&I?  

Westchester is an expensive market.