I would say for the past few years it's been over 80% DSCR, I'm seeing a shift down to about 50% with new product offerings. 

I really appreciate your perspective!

It's still a very good market from my perspective.  

I’d love to get your perspective: What are the pros and cons of this deal?

With your building and GC background, you're already ahead of the curve you understand cost control, timelines, and quality better than most starting out.The biggest shift is mindset: you’re not just executing a project anymore, you’re making decisions based on long-term return and risk.

That shifts the decision from “rate shopping” to “capital redeployment.”Effective Equity Growth Rate:Post-refi, if you’re still paying down principal faster due to a lower rate (even if the term resets), you might calculate how much additional equity you’re building each year compared to before.

Great question.This will depend on where in Manhattan AND how long the tenants have lived in the unit.I've heard of buyouts as low as $15-20K and as high as well above 6-figures.To put things in perspective, I had a friend who's parents were allegedly offered $200K+ to vacate a 2-bedroom apartment in LES BACK IN 2006/2007!

Understanding the operational risks associated with your LTR and STR and knowing how to effectively manage both properties in a manner that deters liability while understanding how to utilize risk shifting strategies is a good starting point.

It gave me a new perspective, discipline, and a deep desire to build something meaningful with integrity and purpose. 

It will give you invaluable experience for the second, and so on.Start Small, Learn Big: A light rehab Class B property is perfect for this.Market Shifts as Opportunity: Here in Boise, Idaho, for example, we're currently seeing a slight shift where buyers are having to be more realistic with prices, and are often offering concessions to get deals done.