Take advantage of that study the housing trends in those areas & invest in those areas when you can too.

While I am no NYC market trend expert, I can't imagine the buildings going up in the boroughs will impact your value. 

I've been spending what seems like every waking minute researching the market, US market, home trends in the area, and properties.

Looking to understand trends and how to invest there. 

Watch the scene some before you need to rent to get the trends picture. 

I live in Austin, TX which is one of the hottest real estate markets in the fastest foreclosure state in the nation. 

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My two cents: As an investor: I have an understanding of tax rates in each area, ballpark rents, and overall what criteria works for MY specific requirements.As an agent: I've run the numbers on enough properties, I can tell at a glance what the monthly cash flow will be (taking into account location, taxes, HOA, schools, condition, appreciation trends, local job markets and coming opportunities) and even if it doesn't fit MY criteria, it may be just right for a client.

Option 3 - This is the new trending keyword 'multi-family'.  

If the standard occupancy in the neighborhood is 85% then 8%-10% is too little but if the standard is 100% occupancy because it's the hottest street in town, then 10% might be too much.