Is anyone using a buy-and-hold strategy on Long Island, specifically in Suffolk County? I'm trying to get my rental analyses fairly accurate and was wondering if the 50% rule is a good benchmark in Suffolk. Houses are expensive and rents a fairly high, but taxes are also high.
So does anyone have any thoughts? If you have experience renting on Long Island, let me know if and how you adjust the 50% rule.
I'm from long island and have analyzed a bunch of towns for buy and hold but it seems you'd be lucky to find a 1% rent to value anywhere besides a war zone, and even if you do, I'm pretty sure the taxes will eat up any cash flow. If I was still living there, I might consider a house hack and flipping but would probably look out of state for buy and hold personally.