@Shay SherbotseliYou've really done your homework and asked some great questions.

I take this info, will browse the mls and quickly can do some back of napkin math to see if the potential property will pencil out using this approx rent and approx mortgage and service payments.

I'm not sure I follow your math...

I know that is not a long term solution, but at least look at the math.

If you see comps in the $800k to $850k for the home (no adu) then once you renovate the home - by itself it will be valued like other homes like it that are renovated (likely around $900k ish) Be careful with numbers mentioned and do your own homework of course. 

Quote from @Carlos Ptriawan: None of these lo guys able to comprehend that back thenI am about to say even if the Fed raised the rate in 2015 , Lp equity would be wiped out as well.It is just Lp investors are too dumb to understand basic math and relationship between equity LTV and volatility changes in rate.Appreciate the brutal honest!

What ever market you choose do your homework on areas and talk with agents, PMs, and other investors to get the anecdotal info as well. 

Is there any homework I can be doing in the meantime?

You will hear a lot of people trash New York State, but if you are operating honestly, doing your homework, and buy in the right areas, you can mitigate a lot of those problems.

I also suggest for people to do their own homework.