The IRS expects us to track all expenses by category and capitalize any expenses that add life value to the asset.

STR varies by city as I'm sure you've guessed.

However it might vary by the type of credit applied for.

Obviously this varies from company to company, but that is what I have observed over many years.

Very good takes here on this thread @Matthew Kwan @Carlos ValenciaI think whether you're looking to approach real estate as an investor (owner operator) or as a business or active cashflow (operating business like flipping/fix/turn keys/wholesaling/RE agent/broker/lender/etc) it will vary some of the replies here are from people operating businesses and some are from BRRR/House hack investors who are starting out.Somewhere in between will lie your fine balance between both.For myself i've generated earnings and income through lending and have reinvested them into real estate in a market with rental income and value upside by buying lower than "as is," or intrinsic value when I can and improving that value through upgrades, rental raises, and added services.

This is a tough question because prices vary across the market.

As I'm sure you know Prospect Heights is very desirable, but prices will vary widely depending on which street your on,etc. 

Separate out the rates and just add them in as inputs into the cost category.

Regs can vary greatly.

Closing costs in New York can vary wildly from lender to lender (I moved to Texas from NY) so please do shop around.