@Tom Murray The rehab took a little longer than we would have liked and put us into the beginning of the winter which is a hard time to get the units rented in New York.

What city is this property in?

My buddy and I have made more money in that city than any other in the East Valley.  

The city in general wants to see investors help turn the area around-- OK, does that mean the city is willing to help in some way?

I see some of the FEMA maps say that the whole city is a "flood zone" yet a ton of people still hold on to these properties and claim they are good investments.How do you manage?

But, if you really want to avoid risks, West LA, most of the Valley, and the beach cities, are all low crime areas. 

It's almost impossible to find a "1%" single family home in New York.

You can also see what the city assessor has it as in regards to # of units. http://cookcountyassessor.com/Search/Property-Sear...Warning though the assessor is often wrong and the zoning doc trumps what's on there.

I have noticed that there are turn-key 2-3br townhomes in the city center that are in my range.

My wife and I own a number of investment properties in Portland OR and are looking at Milwaukee as our next potential investment city.