That's all the location study and analysis you need.

Being flexible on the location and the income strategy you want to use will help make that process quicker.

Instead, I decided to take 15 minutes assuming I was in your shoes and looking for someone to manage a project in that location. 

I would start with some local meetups, and/or some of the conferences that happen each year.Meetups: head to meetup.com and search "real estate investing" for your market.

The fact that there's a ton of competition and similar products in the same location actually puts downward pressure on rates! 

Funny thing is she is the President of our local Board of REALTORS. 

Go with a local/regional one, you’ll get much better service.  

Evict the tenant, sell the property, try again in a much better location. 

I'm assuming it's a big building so that would be something you should review in the by-laws in terms of what you're entitled to.I would get in touch with your personal accountant/CPA or perhaps a local real estate specialist in NYC (there's a few in the forums) regarding your scenario.

Often lists for your area are free, or if you pay for a subscription from a local provider it probably will have more helpful detail you will want.Have fun, but leave your credit cards and checkbooks at home so you won't be tempted.