Okay, perhaps not impossible but I get the feeling that NYC is one of the harder REI markets to invest in for beginners.I wish Joshua and Brandon would invite an experienced NYC BP member willing to share their assessment of this market and the surrounding areas and unique strategies that would work for this local market.  

The current tax appraisal is around $240K, but I have to do a little more due diligence around how lenders in NJ assess appraisals for an equity loan/LOC.

Assess the same way.  

As an investor doing my own assessment of value, how would I you recommend acquiring the most up to date cap rates and GRMs to punch into a spreadsheet?  

Based on my assessment, the worst case scenario is an 8k gain in equity from the reno at 235k offer price. 

If I had the cash and financing I would be buying in nicer neighborhoods at 2% all day long.Regarding taxes, yes they are outrageous - not just the rate but the assessments.

I've been told that duplexes more slower then SFH in this area, but the assessed value of this duplex is $210k, so at $165k I think it is priced to move, so I should be able to turn around and sell it around what I payed for it without a huge issue.I will note that I am moving to this area and living in one side for a while and will be working full time in a very good field ($100k/year+).

It's about what we were expecting, but we're hopeful that if we're patient and prepared, we'll be able to make it happen (we both have family in Real Estate so we knew the market was getting hot down here).We'll definitely begin assessing properties this week.

That's all.Please feel free to check out my post "Deal Breakers" and maybe we can compile a comprehensive list.

As a self declared newbie in real estate you do not yet benefit from a similar 'feel' and all the more so have to be conservative in your assessments.