Here is the analysis on purchase: https://www.biggerpockets.com/...Here is after rents are raised and water is sub-metered for each unit (took just 300/month off water bill).

My current way of identifying property is the following:1) Receive a notification from Redfin (for the houses that match my criteria) with a new house or a price change.2) Go to AirDNA to analyze (Short term)3) Do some LTR analysis using Zillow Then.. if the numbers look good, I work with my realtor on comps and make an offer. 

Far too many get stuck in the "paralysis by analysis" stage, thinking they just don't know enough to get started.

I currently have 'Millionaire Next Door' and 'Multi-Family Millions' on my to-read list.Although I am definitely still in the learning phase of my REI journey, I am trying to start researching markets/areas in NJ, building an analysis system, & connecting accordingly.In regards to an investment approach that I may utilize for my first real estate investment, House Hacking seems like the obvious answer, but I am also pretty comfy living at home, saving a lot of money working remotely.

@Joe Scaparra I agree with your analysis and expect the median price to continue to decline at least for the next 3 months.

Butler A few thoughts:First, I find it useful to track successes--even if the success is very small.When an investor is first starting out, a success might be as simple as having their first meeting with an agent, or accurately analyzing their first property (and having a pro confirm that their analysis is accurate)....for a more experienced investor, a success might be closing on a $15 million triple net asset.The size of the success isn't really the point... 

Your gonna pull history, comp it out for market value, comp it out for standard rents, comp it out on STR performance, identify a "most viable" strategy of investment, and then use the BP calculator to do a complete investment analysis of it. 4 a day, 4 days a week, NO interruptions.

We get a few owners who "read an article that rents have gone up by 42%" and insist on pricing their units too high (despite our market analysis, experience, advice, and recommendations), so these units may sit for a few weeks in this scenario, which is out of our control. 

That property is in a different group.Next, establish what the current cost to buy is based on properties within that group that are For Sale the day you are doing the analysis. 

But the analysis is only as good as your numbers.