He had lived there for 30+ years and gave me a 15 minute dissertation on every home on the street (two blocks), who lived there, since when etc. 

This information is fairly easy to find on your local city / county web site. 

The building is in a c-d neighborhood, although the street it is on is better than the other blocks due to less traffic. 

They're not doing so hot, and many of the out of state investors come in breathing fire and run out in the middle of the night white as a sheet and in quivering fear someone will hear about the shaved Steel City orangutan they woke up next to.

No problem, we’d rather place our own tenants anyway in this kind of situation.The property has been managed by a long entrenched property management company in the city.

I lived in center city for 5 years and wish I had bought in 2013!

I am a addict when it comes to deals and look several times a day in my local market and missed some great deals how ever in my market I would suggest a duplex because in my city everyone works at the heart of it and the land here is just used up so its prime rentals either way I go home value has shot up as there is just no more land to build on unless you go out of town so SFH are overly priced so its a ruff cash flow, for me   I will be doing a duplex for following reasons 1 more doors = more safety if a moves out b is still helping to cover my payment 2 its still 1 roof 3 I control the value of said property if I really make it diamonds = raising the rent to the cap it controls the value of said property.

It is very close to Manhattan, by bus, ferry and path train. i dont know much about bergen county. for Hudson county, people are talking a lot about Jersey city, Union city, Bayonne and Harrison. in those cities, you see mostly two family houses, ranging from 350k to $650k for an average house. 

The Midwest has always been “prime” real estate for SF , just wanted some discussion on good cash flow cities, states for multi family outside of the Midwest.

@Christian Whitehead the lease terms will dictate, so read them carefully...and your state landlord-tenant laws will specify what to do....looks like you have a few city ordinances as well...so review those as well.In general, if they are truly month to month...you, as the property owner can simply elect to not renew the lease...I typically give 30-60 days and if it may turn ugly, offer cash for keys...$500 to the tenant after they are out and the unit is clean.Good luck!