It’s on the rise but you just have to be selective regarding location and try to go for turnkey or keep it minimal regarding rehab  So you don’t have a nightmare story trying to manage a rehab from Out of Town. 

You're right, I definitely do not want to force a bad deal just to avoid a relatively small amount in taxes.This morning, I spoke with the property assessor’s office in the county where my property is located.

@Joe Gellenbeck Recommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a Class A property in Class D area, what quality of tenant will you get?

We are based in NYC but are considering (as of now) locations outside of NY but within a 300 mile radius. 

Same with fill dirt - they can't deliver mud to locations, and we can't compact it nor test it. 

If you buy good properties in good locations you can do fine in Buffalo. 

@Polat CaglayanI've never seen a formula but here is a general rule of thumb for multifamily:The class of an apartment refers to the quality of the building, which can be determined by a number of factors, including age, location, and condition: Class A: These are the highest quality apartments, typically built within the last 15 years.

Something simple along the lines of, no pets due to small shells and turf located at property that may hurt pets, would dissuade even service animal owners.  

It's a 5th wheel located at a campground.

Most real estate agents actually do not have the need to go into an office to close transactions and meet clients at either a natural location or at the properties they are showing or listing.