Quick and dirty analysisARV - 58000Purchase price: 14,900Closing; $1000Holding cost (utilities): $400Taxes (200)Rehab; 30,000 Selling costs: (6%) 3,460Closing Asst. (1%) 580Potential Profit = $7460Rough estimate - you have to be very strict on your rehab cost - a 5k overrun will potentially kill this deal.

They pay for themselves in about a 1.5 yrs all the rest of those utility charges are yours to keep going forward.

I am very interested in utilizing real estate as a means to grow both personally and professionally.

My utilities also averaged <$100 per month over the same time since I face the cold trade winds side.

If you just want to go by historical numbers I believe the luxury end of the market is going up faster probably in part due to forign demand and income appreciation by those already well off as well as people trading in appreciated housing.If you want to know about living in NYC or RE here feel free to PM me. 

You could consider going to the neighboring parcel (assuming the new house is built on it) and selling either the lien so they can foreclose on it or the tax deed, if you foreclose.They may want a bigger yard.I've also seen where those small "useless" lots were actually necessary for utilities, easements, etc and the builder/HOA won't want to see those lost.Jeff Tax Title Services, Inc - The Quiet Title Alternative

I'd get verification of the income they do have; they still need money to live and eat, and may have to pay for part of the rent and utilities.  

IMO, a generator is not a necessity but a luxury, a home is a necessity or at least a place to live.

It looks like there won't be much need of repair -- I estimate $5000 at most.All the utilities are split out for the 3 units, except for water, which is $200/quarter.If I estimate 10% Vacancy, 10% repairs and maintenance, 5% capital expenditures, and 10% property management fees (I will mange it myself), I get NOI $11,362, cashflow -$212, CoC return of -3%I believe it's in a good location/neighborhood, one that I wouldn't mind living in, and it's close to Newark Airport.I would really appreciate your thoughts.

@Anthony @Anthony NewboldYou agent is incorrect if you are talking about an inspection with the utilities on.