However, in the NYC surrounding area, it's hard to find 10% cap rates; especially in A or B locations.

My b/f is a reputable Remodel General Contractor, lives in San Jose.

@Bob B., Make sure you're keeping social distance as you endure the lockdown in your pool. 

In the 2 years (2016 & 2019) for which I have balance sheet data, the Association has used a significant amount of the Reserve Fund to pay off a large Operating Deficit (I'm assuming b/c of some capital expenditure(s) in the previous year, but I wasn't given any documentation about capital expenditures, so I can't be certain. 

Trying to learn the area, looking for good B/C areas.  

And b/f COVID-19 rents were up in my particular area. 

Class B duplexes with rents ranging from $1,100 - $1,500. 

Are you in a good neighborhood (A or B class preferably).

Why offer concessions to someone that (a) may not need it, and (b) has access to free money from the stimulus? 

The level of sophistication in equities is very high, many more variables at play and plenty of smart highly educated brains are chasing that asset class vis a vis Real estate.