You are also operating in a highly competitive market and many investors are looking for the same thing, a great flip opp in Brooklyn.

It’s very competitive here so it’s tough to get your foot in the door.

Concrete requires much less maintenance all the way around. 2) Why are only a fraction of the residential units rented?

It also sounds like you are talking about condominiums/fractional ownership.  

Ideally, you'd get all three, but as a newer investor in a competitive market, I don't come across those deals often.

Then put the right number over the left number in a fraction and you have an impact / cost factor.

What is your competition doing?  

Overall, if we could repeat the exact same process I would probably be game, but it's harder and harder to find a lot or house that would work due to competition.

the bidding starts with an amount that does not tie to any mortgage balance or fraction there ofthe auction is the judicial sales ..plaintiff (bank) is the winning bidder most of the time. sometimes 3rd party bidder wins. this is IL specific.

I've already spoken to several friends who are mostly working sales and it's a bit disheartening to hear about the enormous amounts of competition out there in the realm of real estate investing, regardless of the particular niche.