Last  sch C has Insurance at $3947 and Taxes at $2754    Util expenses at $766 (coin operated laundry in building) She is showing a positive income at $24451 on last Sch C.  

Could mean a lot more inventory in this area in the next few years as many homeowners won't be able to cover the increased bill.I have friends who live in Nassau and in think the general consensus is that HQ2 will have a negligible to marginally positive effect on property out values there.

The terms you are suggesting appear to be for an existing development that may be re-positioned. 

Personally I see no point in doing deals that don't come out positive-and not just marginal either.

If you find and cultivate relationships with real estate attorneys or title companies, and you position yourself as a credible buyer (I will post how you do this even if you're a newbie in a separate post), they might refer you deals you will never find otherwise. 

In class C areas, there are many families that make noticeably less than the median. 

They will not take second position on a home (must the the first and probably only lien).

With that in mind, you should expand your search to get you to the best financial position possible.

But I believe that "strong appreciation also comes strong rent growth" and therefore makes the property eventually positively cash flowing.

If your tenants are military yes you may have more frequent turn over but on the positive side you know your tenants have a steady income and new people are constantly moving into the area.