Based on no information other than "on a budget" and "as close as possible to NYC", I would check out Belleville, Nutley, Clifton, Union County (Rahway/Linden/Elizabeth/Union), Carteret, and Perth Amboy.

I grew up in Cleveland and personally own a S8 rental.

Sharing an article published just last year on BP on this exact question:Short-Term Rental Loans: What Are the Options and How Do DSCR Loans Stack Up?

Go to local meet ups, join local facebook groups, talk to realtors, etc.

Just about anyone can sign up for courses and become licensed and there will be plenty of real estate agents willing to drive buyers around and look at properties with the hope of earning a commission so good luck convincing a buyer to pay you hourly. 

If your budget can accommodate up to $700,000, you can afford to be in the Austin city limits in some solid areas.

@Khayla Williamscan you save up until you have enough to house hack, and start with a house hack instead? 

Thinking of the phrase, "Keeping up with the Joneses", we are contemplating adding a hot tub, because Airbnb is reporting that properties with pools and hot tubs get twice as many bookings. 

Here's a breakdown based on your examples:Carpet, Vinyl Flooring, New Toilet, New Vanity, New Tub: These items are typically considered assets because they are permanent improvements to the property that provide lasting benefits.Plumber Labor for remodel: Labor costs for installation or repairs are generally categorized separately from materials.

Based on the $70K and the $125K loan, you are into this for $195K.