Once you find a house that you believe would be a good rental, meaning desirable to your target market of customers (people within a couple of mile radius of the place), and all of the costs of monthly ownership that you can accurately project fall below the rental amounts that you project that you can get from your target customers, then you have a possible business asset that you can use to produce income, and have renters pay down the mortgage, while hopefully it goes up in value at least with the rest of the economy. 

By funding the $185,000 purchase price and the $500 renovation costs directly, we ensured a fast and smooth transaction.

If its vacant, i'll open it to STR with a short calendar window, which is where the King will come in handy as well - Going from queen to king bed doesn't really create that much of an increased initial cost, so I'm just looking for things to stand out.

I have noticed an interesting trend that's been more and more common since about 2018. Buildings selling for example $300,000 which need $150,000 of work but the ARV is only $420,000. Maybe people buying and not fixin...

Additionally, you'll have access to less competitive rates, usually. 

Should I expect the painter to cover the cost or is that something I should cover? 

Maybe a STR makes sense because there's less competition.

In need of a full rehab so not sure how much that would cost I’m thinking $70k?

Not only are Queens and Brooklyn the busiest Counties in terms of activity (new listings), but they also have some of the most competitive investors in our market.Properties are selling for 8.5% more than they were in 2023, showing us just how desirable the borough is.

There’s no pressure to rush, unlike with a single-family home or a multiplex where vacant units cost money.