That is the NOI that both properties COULD produce. 

Getting it producing income is your priority, isn't it?

If you can handle the management , 4 or 2 unit is good to start because if you have 1 vacancies it will still produce cash flow.

Welcome Jason,I just got my real estate license 3 weeks ago and have the same plans to start finding income producing properties.

He is getting up their in age where it is hard for him to do the day to day things, but he enjoys the income they produce too.

Hi Norbin, welcome to BP, Multi-family units are great for many reasons, and in Upstate NY, i see quite a large amount of vacant properties so your market "upstate" is very plentiful with undervalued properties that could be acquired with low money, it surprises me why so many homes sit empty and most look very nice,  like the owners just said "im done" and walked out of it. but if your looking to get into  multi's have you considered getting a duplex/triplex and do a live in renovation renting out your current home. i don't fully know your situation but that can be a successful way to get into multi family units with sort of training wheels plus your current residence would be behind you producing income . again if you go that route,  and as far as funding your next unit would depend on your credit/ private money lenders/ partners/ what money you have / deals you can strike with owners. example "seller financing" ect.  

Predicting the market that will have the best appreciation over the next few years is akin to going into a strawberry field in the fall and trying to pick out the plant that will produce the biggest strawberry next summer.

This is a great way to get into an income producing property.  

Under these terms, the property cash flows nicely, and once I have made improvements, I can have this producing upwards of $2K per mos.Looking for any/all ways to structure this deal.

My business plan is to acquire rental properties over the years to produce a solid cash flow income.