However, NY state law limits the increase in assessed value is capped at 6% in a year or 20% in five years. 

Most newbies that have herd mentality are buying those now.If you are trying to get safer investments you might want to buy brand new builds in a subdivision in a nice area stage 0 to 1 of development.Example you look at 2 options:Option 1 - Buy a house for 75k (Class C) that after mortgage payment is supposed to generate 150 a month income or 1,800 a year.Down payment 15,000    Result: In a few years rent growth in lower income areas is more limited due to income earnings.

@Mendel DeitschAs you pointed out cap rate is a metric to measure some kind of return (ROI).

I am waiting to vocalize my intentions until we are inside the 90 day time limit she has to renew, which is 13 days prior to my closing but I would need to get an agreement in place prior to closing. 

@Walt Hairell Your options are limited with a mobile home (manufactured housing is the new PC word).

If you foreclose on a property and want to keep it as a rental then that is OK but just be aware of the limitations. 

In a limited sense, I'd guess that the money you spend that will get the greatest return is cleaning, mowing, and painting. 

This house is outside city limits so no permits needed.

Fixing the self created, and self limiting problems is the most valuable, because these are the simplest problems, and the ones that will have most impact on your ability to help other people fix their problems.a good credit score is reference that you can properly manage resources, without it, it's hard to convince someone you have that skill.

If you want to replace just the glass as I did recently measure the glass and go to Menards, $35.