You should also know that any apartment building built before 1947 with 6+ units is subject to NYC rent controls, and tenants with subsidized rents are often hostile. 

I feel like that is control he doesn’t legally have. 

Granted this monthly number will likely be lower than his current rental income BUT the possibility is there to control the down payment and the interest rate, ideally netting him more through the life of the loan.

Don't forget to join KREIA - it's a great resource (non-profit) that helps empower people to take control of their financial future.

If you can't keep control of your personal finances, you are highly unlikely to succeed in real estate investing.

Hi, have a property which an assessor found to have lead hazards which need to be controlled.  

Just made me feel better since I had far less control vs my other property right down the road.

That I can control the value of the asset solely based on the income it provides and the Cap Rate?

While other might argue otherwise, the fact that your move is dependent on your employment, health needs of your family, or something out of your control - you should be good to go!

Your analysis doesn't reflect a conservative risk control.