One of the main things my applicants look for is closet space. 

this is a good problem to have, but it's becoming more and more of a headache.With rental applicants I started off doing a traditional online application using a vendor who offered upsells for nationwide background checks and so on.

If I had a dollar for every tenant who filled out an application and said they "definitely" wanted the place, I'd have a hell of a lot of dollars.

Check out tenantcloud.com as well for a free application, screening, rent payment, and maintenance request. 

I don't know if it's any different in your city, but where I live, you don't need any sort of license to rent out a building you own, you just take some pictures, put up an ad on Craigslist, and download some tenant application templates for your potential tenants to fill out. 

So, by your application of the law of diminishing utility, we think the house is worth somewhere between $68-82K.

I classified them all as repairs on my loan application.

I assume the tenant would pay for their own utilities and I, as the homeowner/landlord, would need to cover the property taxes, insurance, property management expenses, HOA (if applicable), mortgage, and set aside some money for vacancy expense and CapEx.Hoping I am not missing something and avoid getting blindsided by an expense not common in New York like sewer or garbage expenses.

They will take new applications for that waitlist during the month of July every year and they have a lottery to determine the order in which permits will be given. 

Some of those are:- Cannot charge more than $20 on a Rental Application- Cannot use Prior Evictions as a criteria for qualifications of a potential tenant- Judges can extend an eviction up to 1 year- Cannot do No Cause Evictions- etc.What is worse is that there is a push by the radical Left to make these kinds of laws National.Until the uncertainity period is over and we start to have a very certain set of laws soon, be it pro-tenant or pro-landlord, then I will NOT continue my acquisitions of new properties for my portfolio.One outcome in the future could be that ALL Properties (including Small Residential properties like mine) will wind up becoming Rent Regulated as a safe bet.If that's the case, then the value of every type of properties, including mine, will fall in value as the future rent appreciation is no longer controlled by the free Market.If the future laws do not regulate small properties like mine, then the Value will appreciate tremendously.