I’d dig into this a bit more.Another assumption that stood out to me as potentially problematic is the 6% income growth and only 3% expense growth.

I’ve worked with a few tools for property intel, and while no service is 100% accurate, some options have stood out for specific use cases:BatchLeads: They offer a solid skip-tracing tool with good accuracy and detailed reports.

"The only red flag that stood out is that she strongly discourages flying out to the location and scoping out the property as she said it could get expensive and we could instead use that for a downpayment."

So, I dove in.The first thing that stood out to me was the scale of the issue.

At this point, your build is coming right along as we are waiting on trusses – as you already know.

What really stood out to me is your capital partner and their terms. 

Things that have stood out so far in my research: 1-Close proximity to Metro North (90 minute ride to NYC)2-Vassar Medical Center3-Marist & Vassar Colleges 4- The Walkway over the Hudson5-Restaurants/Cafes/Hotels, etc.Thanks for your time.

Several participants made the point in response that the county for a very long time has stood in the way of affordable housing being constructed, first and foremost by zoning, and that an STR ban isn't going to solve the problem.

Check on ownership status before you get into escrow.Get multiple inspections to be able to really determine the extent of repairs.Try to align yourself with the best contractors, had good referrals, but somehow nobody stood behind their warranties.Have a good lawyer and local accounting firm.Talk to locals to see how things are done and what's happening around you.Have patience!

After the showing we stood out on the street and talked through the deal.