So we found a property that had great potential for a value add option by building out the attic and adding 2 bedrooms, a bathroom/laundry room and a loft that would increase the square footage by 800 square feet.

Due to the time value of money accelerated payments increase your yield as an investor (but more on that in a future deal).Let’s talk Note Investing!

Rents will increase at 2-3% per year, so you will keep subsidizing it less and less as you gain equity.

I'm looking to increase my marketing efforts immediately by mailing 8,000-10,000 postcards/month, but don't want to waste money and time targeting the wrong lists.

It is difficult to be a successful landlord if you can't read people, because credit reports and income verification doesn't tell you anything about how much of a PITA the tenant is going to be or how reasonable they will behave as a human being.

Still cheaper than NY and NJ for sure but the rent rates have not increased as fast as the taxes!

As many investors have echoed - NYC is a very expensive marketYou have the following options1) Investing in NYC - require large capital and a good choice if you are banking on appreciation in the future.2) Invest in upstate NY or CT/MA/PA/NJ3) Invest through a turnkey property4) Househack(may be difficult in NYC but doable in parts of NJHave you looked into attending any local real estate events in NYC? 

But the benefit of the increased risk may be that t keeps away other more risk averse investors.

Once I became established in rentals I diversified to increase my profits and limit my risks.

I read in a recent article posted by @andrew Syrios titled 13 Proactive Ways to Increase Rent & Add Value to Your Rental Property.