But I do think that the overall quality is very low compared to the rest of the US.

Not as many compared to coastal towns after a Hurricane, but still some.

To decide, consider your ultimate goal, manage more tenants, and analyze potential fourplex properties to compare their returns.

Sadly it is always overvalued for the locals as well.For context: the same comparable duplex a client purchased for $750k last february 2023 in Lil Havana is now asking $925k.

For your $2M property, a cost segregation study estimates $316K in first-year depreciation (compared to $28K with standard straight-line), potentially saving ~$117K in taxes at a 37% rate.

You could be in an expensive market, like LA, but you inherited a property or you got a killer wholesale deal or subject to and the numbers could be very attractive compared to buying off the MLS for full market price in the same market.

As for NY which is from what I see a very complicated state compared to Trustee sale states the thing to do and the ONLY thing to do..

Risky too compared to just holding stocks or bonds.I'm not even worth that much money so I have to ask the more experienced and successful investors on this forum: what keeps you going?

Even if I have a claim every 10 years I will have saved $80k over that time period compared to the people who pay for better insurance.

With good credit and a relatively low LTV, they may price comparably.