Or you will need to have the outbuilding heated unless the property is in a location that absolutely never freezes in winter.

A garage that is not properly insulated may be uncomfortable to live in and may not meet local building codes for habitation.Heating and cooling: In order to make the garage comfortable to live in, you will need to install heating and cooling systems.

We used a heat pump type tank water heater in one property and the biggest issue they forgot to tell me is it is for unconditioned spaces so it is great in summer.

If it's on heating oil, those bills hit like a punch in the gut this time of year.

Take the cost of the home long term add the mortgage, taxes and true repair costs such as upkeep and new roofs , heating and cooling mechanicals etc over the years.

Can you heat that sound?

Schooling in my town is amazing, so there is no issue with that.Transportation to NYC is literally 2 minutes on every corner to the bus, so that isn't an issue.Additionally, I was told that I should stay away from homes with oil tanks for heating because if the oil tank was to leak, the soil would be contaminated and it would cause a big headache and a big whole in my wallet.

Thanks to all who've responded - these are all good thoughts and great advice.The only timeline for completion is that the house is just sitting there and I'm paying taxes on it and will be paying to keep it heated this winter. 

We could examine crime maps and cost per square foot heat maps against typical rent if you would like to become more familiar with this market.Best investing,Donn  

With the market heating up, my deal making also started to slow down.