Just make sure you trust who you're working with to give you an objective opinion!

Also you say fully furnished and it looks like no one is living there since the closets are empty, but there is clutter and random objects under the TV area, a bowling ball ect.

@Pete Tam - I'm not sure what your goals and objectives are, but I can tell you that you will not likely find any type of cash flowing rental property near you (bar area).I was in a similar position as you when I first started buying rentals.

One of the major objections I have heard from seasoned investors in my area (Baltimore, in particular) is that these 30K low-end properties leave you with limited exit options.I'd like to hear from the seasoned investors out there what they use for exit strategies when they buy one of these properties.

I told him he is better off buying a rental property or opening a SEP IRA for the deduction since the big truck he was looking at was $45,000.It's crazy how some people justify spending $45k on a shiny object and think it's an investment when it's an expense.

I'm 6'5", 275lbs, and I cannot lift it. anyway, its where I kept my silver and other sentimental objects.  

Glad to have the objective opinions as it wasn't something I had noticed before.

Scott, everyone makes a living, I'm not objecting to your niche.

I would propose that you consult, with the right professionals, to learn and understand what would work best given your personal situation, your Investment Objectives, and the nuances of New York.

But the real question is what is your goal and objective with this deal?