Out of state Investors who have appetite for the NY area market and surrounding should reach out. 

I had just bought an off market property to flip but didn't have a regular agent I worked with yet.

Hi Lawrence, Here's my short advice check Due Diligence, Understand Owner Financing Terms, Seek Professional Guidance, Market Research, Financial Analysis, Risk Management, Long-Term Vision.

If so, how was the lot with the house on it impacted in terms of market value? 

Just relocated from the Bay Area to the Philadelphia market, working for a real estate developer in Land Acquisition.

Cleveland is one of the most popular markets on this forum.

Stay informed about the current market trends and clearly define your goals :)

However, the saturation of the market seems to worry me a little.

If rates were to drop, you can now feel confident in selling your home, paying off the HELOC and getting a new downsized home at a lower rate than the current market.

Homeowner's and flood insurance can be considerably lower than in other coastal areas, especially in comparison to States with prohibitive property insurance markets such as Florida.