Here are the knowns:Rent per tenant: $750 (this is below market value due to deferred maintenance, I believe $1,000-1,200 is more realistic)Property taxes: $900 per yearLandlord insurance: $1,000 per yearLandlord pays water/trash: claims to be $125 per month (will ask for proof)Landlord is in charge of snow removal and mowing lawnThere are 5 electric meters, each tenant pays their own (landlord covers hallway and outdoor lights)What I plan to ask for is the copies of the leases, copies of the utility bills, and copies of bank statements showing the tenants are actually paying on time.

. - assuming weather/snow has dissipated by then.  

I looked for Population & Job growth, easy flights to/from NYC, no Snow and as mentioned friendly Landlord Laws.

You will also want to understand common area maintenance, especially if you are targeting 3 units or more (lawn care, snow removal, cleaning and upkeep of common areas, etc) and understand the parking situation.

So if you have money, or a good paying job, and want a place on the best lake, but don’t want to shovel snow, mow the lawn, or put the docks in and out, this is your ideal location.  

Could be sunny and 70, could rain all day, could snow! 

Around here that could also mean high heat utility bills and snow removal in the winter.

Here's the per month numbers I'm looking at with an FHA Loan for 30 years & 3.5% down payment at 4.85% interest:Expenses:Taxes: $391.67Homeowners Insurance: $66.67PMI: $150Vacancy (5%): $120Repairs (5%): $120CapEx (8%): $192Property Management (10%): $240Mortgage: $1,219(Tenants would pay for utilities)And... like, this isn't even accounting for Lawn care or Snow removal...Total Expenses: 2,499.33NOI = $2,400 - $1,280.33 = $1,119.67Cap Rate = $1,119.67 / $210,000 = 0.533%Also, for the 1%, 2%, or 3% rule this comes in at 1.143% = $2,400 / $210,000So, this is being generous, really. $210k is on the lower side and I'm assuming I'll take care of the lawn/snow.I'm most confused at how this can really change in any one direction to make it meet the 8% cap rate or the 2% or 3% rule... like the only way I can see it meeting those is by jacking up rent or getting the house for free by a family member.

Renos will start once the snow melts, but in the meantime, will be raising rents to market rates once current leases expire.

If you are and plan on making sure the garbage is out correctly and snow is removed from the sidewalks it may work.