And some of these apartments are in the ultra safe highly affluent neighborhoods like chelsea, TriBeCa, upper west side. 

However, you want to be safe with their money as well which should mean no more than 80% of ARV. 

Good luck and be safe!

I would love to help my sister move from that mobile home park into my nice little SAFE home!!  

They keep buying regardless but when a solid companies stock falls and everyone does a selloff they buy,buy,buy.When everyone feels safe buying and they think they can't lose is generally when people  lose their shirt.     

I think this would be a very safe way to test the water of being a landlord too.

But basically safe to assume 2 or 3 thousand dollars total.

Eventually, I would like to build something where disadvantaged kids in lower income neighborhoods have a safe place to play and study and develop their skills. 

If you are looking for an efficient, low cost alarm, I would suggest you check out a company called "Simply Safe."  

That being said, talk to an accountant that works in the real estate field and or a real estate attorney to make this as safe as possible as far as the IRS is concerned.