When I spoke with my "go to" broker, he warned my that it may be difficult to find a lender for an investment property because of the new FHFA guidelines.He did find a lender, but the interest rate on the 30 year note is 4% with nearly $1,000 in additional closing fees compared to what I usually pay. 

Other numbers: comparable rent (~1000 per month), total monthly cost of condo (~1250 per month), I make around $3083 per month pre-tax.I tried the NYT Buy-vs-Rent but it doesn't include keeping the property after I buy.

@Brett Schmidt normally I would recommend 30 but your return will be much higher with the 85% LTV loan most likely compared to 75%.

I've come across a couple investment groups that are very gung ho about HELOCs, and while they do provide much more flexibility in payment compared to a traditional mortgage they're certainly not the silver bullet that some make them out to be.

However, the difference compared to last year is abysmal.

It’s also advantageous compared to many other investments due to the fact that it depreciates over time, which can help you preserve wealth.

But, to show how useless it is, I could easily do a few cash out refis and have negative cash invested to have a portfolio wide infinite COC.)My main point was try comparing ROI or RoE it’s more “compatible”. 

I'm pretty confident that I'll be able to find a new tenant fairly quickly as the rent is around 10% below the median for comparable apartments in the area. 

Being that it's storage units, maybe the building part is slightly more straightforward and less costly compared to residential developments, but in my work of primarily residential construction, those two areas are generally split up between a developer and a builder.

Especially where you live in NYC prices are very high, also depending on your income it might take you a while to save money for a single deal that might not even give you the best returns compared to OOS investing where you could buy something in Columbus for example and cash flow at the 1% Rule.