Hello BP,Are there any specific set of features that must be present or absent in a certain apartment class?Here are few items that I sometimes get confused about:Age: 0-10 - "A", 11-20 - "B", 21+ - "C" - this is a ge...

Darn those new shiny objects that try to convince me they need to live in my garage.

Hi everyone,I have come across a unique redevelopment opportunity in NY.  

But @William E. rightly recognizes that a unique opportunity has come your way through that walk through couple.Normally a 1031 exchange on this project would be difficult to defend because the timing and process would look awfully like a fix n flip and those do not qualify for 1031 treatment.

Even locals who are not in the biz struggle with understanding our business unique market.

As an example, the gentleman who has responded to you has provided no details that fully demonstrate that he has understood your unique challenges.

Markets at the national median price will rarely cash flow, however, that doesn't mean higher priced markets aren't good investment markets if your objective is appreciation.

You probably will need your contractors license, though each state is unique in their requirements. 

Have unique colors and designs to your cart.  

@Russ is right much more details including objectives would help others to offer advise on how to get good deals done.The deal you mentioned, using only the details provided, is not what any investor would consider to be a good deal.With a rent of $3,400 per month using 50% as the expenses the NOI would be $1,700/400k = 0.00425% return.