We are wondering if it would be worthwhile to buy a home instead of renting. 

Brandon You have to get out of Suffolk County and start looking into other areas where you can still get a good deal and the rents offer a positive cash flow without having to put 30% to 35% down. 

The only way is to rent out room by room.

Their "asking amounts" have improved, but are still above pre-COVID times, when 1/2 month of rent seemed to usually work.

Can they prove how long it takes to rent a vacant property?

In its best year, 2023 it cash flowed $3,000 a month before increase in property tax and utilities have squandered it down to maybe $1,500. 

I don't think cap rate for residential RE is necessarily the best metric, but I try and achieve a 10% minimum gross rent to purchase price figure, so a $300K property I am hoping to achieve a $30K/month gross income goal.

Building is a lengthy process that requires coordinating multiple aspects, which can be time-consuming.On the other hand, buying an existing property is generally cheaper upfront and offers the advantage of immediate availability, so you can move in or rent out quickly.

I’m the meantime I was able to find a new tenant who has paid the security deposit, first month rent, and has scheduled utilities to be transferred to their name but no lease has been signed yet.

Right now my wife and I are working on finding a triplex or quad to buy on FHA financing and renting out the available units.