I reside in Astoria, NY, but it seems there are a lot more affordable opportunities for cash flow producing properties in Rochester, NY, opposed to Queens, Manhattan, and anything around here.  

Contrary to Dave's advice, I'm not completely opposed to borrowing to get into the rental market, but I do intend to keep a large safety net.  

And ask him to provide you with the interior and exterior pictures from the listing. 

Not everyone wants to be hands on (that's why some people self manage as opposed to getting a PM).Turnkey investments, just as all investments, have a place because it fits what some people are looking for. 

A new Hardiboard siding covers the exterior and a new roof should be going on this next week.

You would in end with something similar to this on your exterior wall.

It took us a few months and a fair amount of money to upgrade all of the units and the exterior & turn over the tenants for higher paying ones, but we lived in one unit and rented the other 3 units for 4 years, living rent free in our unit and cash flowing $500-$700 a month on the other 3 units. 

Thinking about less common things like adding fences to attract families with small children or dogs, other exterior landscaping work. 

Currently, it is a ranch home that has a basement with only exterior access.

Also, if you are refinancing in your LLCs name, your want to speak to someone in the business services department as opposed to the residential loan department.