Real estate is not my of my knowledge base at all but I want to start working on building passive income now (I’m 44). 

We go through Tilton, Thomas and Morgan, which is based here in Missouri. 

I want to be able to find potential markets/listings nationally based on the return. 

I’m part of the Rob Lawrence Team, an investor-focused real estate team based in South Eastern PA.

I am based out of Westchester County, NY, looking to invest in multifamily properties.  

To improve your approval chances, use rental income from your first property, consider co-signers, and explore lenders that use Income-Based Repayment (IBR) for student loans.

I adjust pricing based on demand, like raising rates during peak season or local events, and lowering them in slower months to stay competitive.

Every year realtor.com releases a Top Housing Markets report based on anticipated sales growth (inventory) and price growth (appreciation).

I mainly want to ask if these assumptions are reasonable and if there's anything I haven't considered:(1) multifamily units in NJ close to New York City, ~$1,000,000, 20% down payment, (2) Using the following assumptions: 4% appreciation rate, 6.5% interest rate and 5.0% refinance after 5 years, $10,000 yearly maintenance fee(3) ~$6,000 monthly rental and assume 3% increase yearly with 5% vacancy rate(4) Based on the above, the calculated IRR if selling at the 10th year is ~19% (considering tax benefits) and ~17% (without tax benefits).

On the surface, the deal seems appealing, but there's a catch: the asking price is $475,000, which is about 18% over the market value (based on comps and DealCheck estimates around $402,000).Details of the DealProperty: Duplex, 2,400 sq. ft., Purchase Price: $475,000 ($197.9/sq. ft.).Estimated Market Value: $402,000 ($168/sq. ft.).Financing Terms: 2% interest rate, with a 9-year balloon.Unit B Income: $2,049/month (Section 8 tenant through November 2025).Unit A Income Potential: Similar rent or higher; Section 8 cap for the area is $3,234/month.Monthly Loan Payment (P+I): $1,386.Cash Flow Breakdown (if both units are rented at $2,049/month):Gross Rent: $4,098/month.Vacancy (10%): $410/month.Operating Expenses (37.3%): $1,376/month.Net Cash Flow: $943/month.Key QuestionsWould you be comfortable paying an 18% premium for financing at 2%, especially in a market where current mortgage rates are closer to 7%?