The expense includes taxes ($12K), sewage, water, and other various maintenance items.

Properties are generally much cheaper relative to the rent they pull in, than in NY.3) Lower fixed costs - lower real estate taxes for starters relative to your rent roll, etc.4) Lower variable costs - labor is A LOT cheaper here.  5) Less stringent code enforcement.6) Less maintenance - milder weather, and younger average age of homes make for less maintenance.   7) Diversification - low entry price to buy property allows and investor to manage risk by buying properties in different neighborhoods instead of putting more eggs in one basket.In additional to the benefits I listed above the city is growing so fast that homes rent very quickly, often times before the sale of the home.  

Taxes=1493, hoa=213.

One thing I would add is watch for the property taxes.

How do you plan for property taxes?

Looking for any ideas on tax strategy here.

Are they going to be able to buy your proudly done flip.3) If you misjudge the market, do you know when to dump it.4) Can you put a spreadsheet together on your purchase costs, carrying costs, rehab costs, closing costs, selling costs, tax costs, contractors that don't show and delay your project etc. etc. etc.5) Is the return worth the risk.

@Robert P. thank you for that info about how it is done in Mass  i will look into that info for NY@Matthew Paul i purchased the property for cash, so as far as not having income i will not have a mortgage to pay for, the reason money is tight right now is because i had to pay school taxes right after closing, and then spent $17000 on a roof the first month. 

But Stuart has better property taxes.

Does anyone ever buy the tax lien/deed on a property for personal use (i.e. to actually live in the house)?