This assumes ~8% interest rates.Interest rates in New York tend to be 25-50 points higher than the national average although maybe I suck at finding good mortgage brokers.

BTW: The 75th percentile rent for market rate apartments with only w/s/t included even in N Collinwood is $1064.

I feel that a new investor doing a BRRRR is too risky and does not have a high success rate.

Both properties fall into Class B- category and has no HOA and no rental restrictions.Here are the details for each property:Property 1:3 Bed, 2 Bath (1020 sq ft)Purchase Price: $250,000Moderate rehab needed (Kitchen, floor, bathroom sink vanity, light & fan fixtures, interior paint)Rehab Cost: $30,000After Repair Value (ARV): $295,000Down Payment: 20% (Out of Pocket: $50,000 + $30,000 (rehab) = $80,000)Projected Rental Income Post-renovation: $2100/monthProperty 2:2 Bed, 2.5 Bath (1168 sq ft)Purchase Price: $230,000Moderate rehab needed (Kitchen, floor, bathroom sink vanity, light & fan fixtures, interior paint)Rehab Cost: $30,000After Repair Value (ARV): $295,000Down Payment: 20% (Out of Pocket: $46,000 + $30,000 (rehab) = $76,000)Projected Rental Income Post-renovation: $1900/monthThe location is moderate, with amenities like shops, restaurants, a mall, and a baseball stadium within a 5-mile radius.Considering buying both as they are in the same building, the total cost and income overview would be:Total Price for Both Properties: $478,000Down Payment & Closing: $96,000 + $10,000 = $106,000Total Renovations: $60,000Total Price (Including Renovations): $478,000 + $60,000 = $538,000Total Out of Pocket: $166,000Projected Gross Rent Monthly: $4000The rate of interest for the mortgage is 7.5%.I am currently evaluating: A) The break-even point for two townhomes considering a cash investment of close to 32%.

@CJ T.Yes, I think you may be confusing a business credit rating vs. having credit lines.For example, personally people talk/ask about their credit score. 

There are still some good opportunities if you are willing to buy an ugly duck and do cosmetic work to get it up to market rental rates. 

You'll probably have to go into a secondary market with a higher interest rate. 4.

Market is so constrained that it would have to be some horror movie type stuff to justify that kind of discount, and even then someone would still take it for 1/3 of that discount (at worst) nowadays

I think most likely we will get a home buyer because with the current rates it would be much harder to make profit. 

I just thought it would be great if there was a list of tenants that are qualified that I can reach out to, and I would even offer some discount to them to entice qualified tenants.This would be in addition to the usual zillow and facebook postings I have listed.