That is called market shift, not collapse, although I can understand ones confusion as on surface it may look very similar in the commercial space. 

Mind you, on the surface of it, those numbers don't sound too bad for buys-to-hold.

Find a state and area to specialize in - on the surface it seems New York seems extremely difficult to get started in?

The properties are currently two  adjoining 4 unit apartment buildings which we will be converting to condos.  

It is close to utilities (there is a subdivision adjoining the property).  

My average renovation is $20k +That includes: new roof, HVAC, hard surface floors thoughout (NO CARPET), new kitchen & appliances, new bathrooms, landscaping, fenced in backyard, paint inside and out, Sheetrock repairs, exterior rotten wood repairs, new hardware, and more.I think it is important to take care of maintenance issues up front instead of having big ticket maintenance items in the future.Some investors look to do the minimum amount of work necessary - to get the home rented.

On the surface does this seem like a way you could make money on it?

No adjoining walls 3/2 and a 2/1.

And surfaces that are likely to be touched usually get semigloss or gloss.Gook luck to you!

I haven't used it in a rental, but one floor I really like is the floating stuff from Fusion. 2/3 of my basement has their 12x24 "slate" tiles - they look nice, and whatever that surface is made out of is diamond hard.