Unless you already have buy & hold investors lined up make sure you have a reasonable inspection period as showing occupied properties can be a real pain unless your buyers only care about the rent & purchase price.

I used the values from the realtor.com website for purchase information and expenses, and the bank of america calculator to estimate closing costs.

Just to give an idea one of my residential agent friends listed a house here recently for 2,400 sq ft for 650,000.

Like if they were required to pay 90% of their appraised value to purchase the property at the seller’s option?

Purchase price?

Second, having $40k and trying to purchase a multifam in NYC is not going to get you far. 

Kentucky is the place for purchase price compared to revenue.

They were too big for what I am doing so I passed them on to another friend.

I'm trying to do BRRRR on this unit by renovating the whole bathroom, kitchen and etc.. but not sure how much it would appreciate as it's a basement unit but it has 5 bed 2 bath...

We’re you friends with the previous owner?