My strategy in Arizona has been adding bedrooms and renting by the room - currently getting 850-950/room in nice neighborhoods.

Regarding multifamily properties, there are larger ones available, but in my market, the ones in better neighborhoods aren’t for sale just yet.

And I don’t mean something like saying you want to invest in New York City, I mean an expert on specific neighborhoods you have chosen for a specific reason.

That means there’s always a demand for rentals, especially in the right neighborhoods.

My monthly mortgage payment will be approximately $2,100.Comps in the neighborhood are currently renting for around $2,600/month, so my plan is to live in the property for 1–2 years before renting it out.

@Jared LeggettFrom my experience, house hacking in NYC is doable, but it often means looking into more affordable neighborhoods or smaller properties.

He ended up finding an eight-plex in a growing neighborhood that’s now practically printing rent checks for him.

On the other hand, you stated that the management firm was charging 15% and had a 15k expense. 

I recently moved to Jersey City and I'm interested in buying a multi-family property in the area (specifically 07302/Hoboken and surrounding neighborhoods).

Quote from @Angie Dickson: @James French I have been following Chris for a while and I am a firm believer in infinite banking.