However, there are multi-family properties for sale near the 21st Street Queensbridge subway station that sell for around only $1 million, because it's located near the government housing projects.

Does one simply go for white subway style tile with black & white floor tiles???

Thanks for the replies guys,I actually messed up the numbers a bit, revenue will be 37 200$ so resale value puts me at roughly 521 000$To be honest, I didn't really have a goal when I bought it 4 years back, my parents were divorcing and it was offered to me with a 100 000$ rebate, so I just jumped on it and told myself id figure something out.221 000$ dollars of equity later and 1 year working in the middle east ( the 150 000$ coming in this year) put me in the financial position that I am in now, except that now I don't wanna stay passive anymore since this cash could work for me much more efficiently than it currently does.Appreciation will keep being good for a while: 2 university campuses just opened 3 minutes from my places, 2 subway stations, 1 light rail line, access to major highways 1 minute away, and a whole new downtown area is also being built ( I live in a city of 350 000 people next to a major city of about 2 million)My real concern is leaving 321 000$ sitting in a building and not working for me.

The investment vehicle you are referring to would be something like a franchise, specifically an absentee owner franchise.Let's say you buy a Subway franchise.

Also  there is the staten island and NYC train/subway. 

For a complete gut it ended up being @ 4,500.If you replace the tile I would maybe go with a simple white subway around the tub and take down the tile on the walls.

Agree with looking cheap, if your heart isn't set on the mosaics you could do a standard subway tile....such a classic look and always in style and doesn't break the bank either....

Things to consider are tile size (timeless 8x8, 12x12, 16x16, subway, vs trendy 6x24, large plank tiles, etc.) textures (trendy fabric look) and colors.  

This will allow you to zip into downtown via the subway.

We often do a subway style tile, there dirt cheap, look good, last forever, and come in colors.