Building permits for rehabs are not super expensive.

Without the converted garage it would be a $255k-$265k house, but with the added sqft, even though not super-functional, maybe $265-$275k.

As a matter of fact if you are a licensed agent, I've seen investors LOSE access because the agent with the deal knows they aren't getting the buy side or the listing, so they are going to present it to someone else first (super unethical in my opinion unless already discussed with the seller, but it is what it is).

I am super excited and plan to “house hack” for a year or two since the property needs renovations.I am reading Managing Rental Properties by Heather and Brandon Turner this weekend and I’m confident this will help answer some broader questions.

Appreciate all the replies here — super helpful.I ran into the same “tax time scramble + receipt chaos” problem and ended up building a lightweight maintenance log for myself.Lets you tie repairs to a property, attach receipts/photos, and export cleanly for your CPA.Not property management software — just a simple repair log.If anyone wants the link I’m happy to share it via DM.

There are so many "traditional" buyers that there really isn't a need to go down this route unless they want some super high price.3.

Super helpful, thank you

Developing land is super risky, so just make sure you are checking everything that needs to be checked with the right consultants. 

SUPER important to consider the market and zoning compliance...

Given your goals, there are a few things to consider: buying in Brooklyn with the plan to move out in a few years could work for appreciation, but cash flow might be tight and landlord laws aren’t super friendly, so managing it long distance could get tricky.