Unfortunately, this is near impossible without selling the property, rates are up and are likely staying high. 

even with a lower purchase price that's probably 1/3 of DC's they still mostly still don't work - rents not high enough, too much deferred maintenance, not in the right location, or all of the above. 

Unit A is about 100 years old and Unit B is almost completely new.Pros:-The duplex is in a very desirable neighborhood with home value appreciation year over year at about 50+%-Rent is also in high demand within this area-Cash flows well even with high interest rates and increasing property taxes-Home is price below average cost per sq ft-The house has been renovated and some parts of it has been remodeledCons:-All issues are with Unit A, the 100 year old unit.

. $140 equity in our primary residence that we’d be open to getting a HELOC on (would love feedback on if people recommend this or not).Given our limited available resources for down payment, high home prices, and higher interest rates, is now a bad time for first time investors to enter the market?

I am beginning my cold calling to area apartment complexes and I feel that my approach should be much different that approaching a seller to purchase their property. 

The single bedroom apartments must be about 1488 square feet from my calculations because 35,719 square feet divided by 24 is 1488 which is quite large for a single bedroom apartment..  

Purchase price: $220,000 Cash invested: $32,000 Single family sitting on 1/3 acre with a large 4 bay garage with Garage apartment to be built out.

Wife and I have high credit score and we are high income earners (her W-2 & 1099 for me). 

You can find this at either low-end antique stores, or high end thrift stores.

Selecting areas: Look for neighborhoods with high growth potential, amenities, and public transit when choosing places for house hacking, especially in big cities like NYC.