Out of state Investors who have appetite for the NY area market and surrounding should reach out. 

I had just bought an off market property to flip but didn't have a regular agent I worked with yet.

Just relocated from the Bay Area to the Philadelphia market, working for a real estate developer in Land Acquisition.

Hi Lawrence, Here's my short advice check Due Diligence, Understand Owner Financing Terms, Seek Professional Guidance, Market Research, Financial Analysis, Risk Management, Long-Term Vision.

If so, how was the lot with the house on it impacted in terms of market value? 

Cleveland is one of the most popular markets on this forum.

…Here's the latest market report (based on single family homes): Mortgage Rates:30-year conventional rate today is 7.01%30-year VA rate today is 6.50% Median Sales Price:April: $476,000May: $475,995June: $485,000 New Listings:April: 1,957May: 2,141June: 1,875 Median Days on Market Until Sale:April: 12May: 12June: 13 Months Supply of Inventory:April: 2.2May: 2.4June: 2.3 What does "Months Supply of Inventory" mean?

Stay informed about the current market trends and clearly define your goals :)

However, the saturation of the market seems to worry me a little.

If rates were to drop, you can now feel confident in selling your home, paying off the HELOC and getting a new downsized home at a lower rate than the current market.