I expect that it will take a few months for markets adapt.

Welcome to another fellow NY'er feel free to stay in touch and keep the network alive and good luck on your investments 

.$20K just seems so much to invest on a unit that I might get $250 more in rent, if lucky, and good tenants that will stay awhile. 

They are then faced with gambling that rates will stay low until they can refinance or sell the asset.So how do forward commitments work?

It's in relatively good shape, hardly any issues, and the current tenant is very cooperative and responsible, he intends on staying for at least another 2 years.I'm seeing this as an opportunity for my first buy-and-hold property.

I believe the primary residence can be rented for about $2500 if the rents stay relatively stable.  

I’m trying to stay a bit conservative with my future predictions for this particular area.

Tenants tend to stay in SFH's longer than apartment rentals, so I would assume 3-4 years, and turn over could be as simple as a wipe down and carpet cleaning if the PM is doing their job and screening tenants appropriately (although even great screening doesn't always guarantee great, clean tenants).  

E - 1/1 $450 lease from 7/26/2006 - Middle aged male likely to continue to stay for an extended time.Taxes on the building would be roughly $2500, Insurance estimate $1200.

I'll stay in contact and thanks again!