Lenders will be limited and it will require more down payment like 20% when they should attract 1st time buyers. 

First, take your client requirements for size, type, cost, location, etc. and develop a list of properties that fit. 

@Lan Bak, the REIT does have  distribution requirements (one of the reasons they start strong in a market and fade as a market matures). 

It’s crucial to ensure you’re compliant with your city’s requirements, including permits, taxes, and safety regulations.Ok - that was just a stab at it. 

Wow.Aren't you required to take depreciation too?

If you are going to tie up your capital on something this small as a TOH park you should require a higher CAP rate of 10-15%.  10% cap puts you at $77k; 15% puts you at 51k. 

It may be necessary to modify your renovation budget in light of local market prices.In conclusion, house hacking in NYC requires careful consideration and research.

The HOA told me they require a sound dampening rating of 67% for upstairs units, and I ended up getting CoreTec ProPlus which has a 57 STC (sound transmission control) rating (I had to call the manufacturer to get that info). 

Then I require an application for any individual that will live in the unit.

And required to apply $25k.3.