As others have said, the best thing your son can do is run far from this deal, buckle down, save his pennies (he probably already is doing this), house-hack, and improve a property with sweat, hard work, developing a DIY skillset, and self-managing tenants. 

I wonder who still makes houses like this.

Of the many strategies I've looked into, House-hacking and short-term rentals piqued my interests. 

Lake house, cabin feel, waterfront etc.

The bill for a roof on a $60,000 house is the same as a $500,000 house, however, the % of Revenue on each are vastly different. 

Honestly, why would anyone do that when the median house price of NYC is almost 1 million.

Like any city, there is dilapidated housing stock in rough areas that can cost more to upgrade than they are worth. 

Purchase price: $232,000 Cash invested: $200,000 Sale price: $575,000 I purchased this single-family property and undertook extensive renovations, including excavating a new foundation and reframing the entire two-story house.

But with the zoning regulations, the pricing of houses seem so impossible to achieve.

The growth of 1.6 million additional residents will require investments in infrastructure, housing and transportation, the organization added.The numbers were provided by the group’s research team with data from the North Carolina Office of State Budget and Management and the South Carolina Department of Revenue.