The monthly cost is kept low and is a workable system.

Most nyc multi family purchasers are cash buyers, so i am losing the fight already but want to see if there is some light at the end of the tunnel with agents in nyc that could help me find me my next deal.

getting this at $80k would be a steal of a deal so unless the seller has some me serious motivation for accepting such a low offer, they are better served listing it with an agent and not going the FSBO route.In this competitive market, good luck finding deals at 70% less repairs, less your wholesale fee.

As another member stated, you'll lose your prop 13 status and that super low tax bill will show up this coming November with the decimal place moved to the right one column. 

Buy and hold rentals are a very safe, low risk way to grow your wealth.

There is no appraiser looking over the deal saying that rents are too low for the purchase price.

I have bought Tax liens for as low as $1200 that I have gotten a deed to.I also bought a house for $200 last week.

For the rehab, I like the idea of vinyl plank flooring, semi-gloss paint (because I've heard some people say it holds up better with tenants), new cabinets, counter-tops, appliances, popcorn ceiling removal,  light fixtures, new water heater, fans, new windows. and something to put on the concrete that kills bad odors.What would you do?

From there we also discovered Afford Anything and the BP podcasts, where we realized that we wanted to go the real estate route, while still investing in low cost index funds on the side.  

You don't have much equity in the property but the acquisition cost is low and it cash flows immediately.