Those folks may be open to "creative offers" right now.If it's a single family home that is vacant those are also going pretty fast, but a number of people that are buying these are doing so to utilize as rentals as a hedge against inflation.

In 3 years, $5,000 won't even be worth $5,000 because of inflation.

My lender on the commercial side understands "creative financing" and, from my experience, as long as the deal makes sense as an investment and the appraised value more supports the inflated purchase price then my bank is happy to do it.Just like in any business transaction, if you behave fairly and ethically then its a good deal that people will be happy to do or be happy to explain why they can't do that.

You need to consider whether it is cost-efficient to spent the cost in exchange for rent rise?

I suspect because of the rising price of rentals in NYC, tenants are now moving to the Newark/Irvington area.

When interest rates rise, values are likely to fall as a result. 

It doesn't matter how low interest rates are if housing is inflated far beyond buyers' means.

There are some brand new units being built but the prices seem inflated to me. 

Either your comps are off or your numbers are inflated.

Picking numbers out of the air for expenses and looking to hit a certain goal isnt any different than making up a rent number to inflate the income on the other side of the equation.