You're trying to math your way to a market, which is understandable given the prices in California, but unfortunately what we see this lead to is investors buying in a random market thousands of miles away, in a challenging neighborhood, without a team that they know in place, and then they just lose money. 

Shea,Do your homework on the benefits or Pro's and Con's of a Heloc versus a Cash out refinance. 

The 1% rule doesn't account for interest rates/downpayments, it purely looks at the property math.

A few quick do’s and don’ts from my experience:Do’s:- Do your homework on local zoning and licensing requirements early, it saves a ton of time.- Do build relationships with the right professionals.- Do run conservative numbers so you’re prepared for any surprises.Don’ts:- Don’t skip due diligence just because the deal looks good on paper.- Don’t underestimate the importance of solid systems and tenant screening, it makes or breaks operations.- Don’t try to do everything yourself; having a good team matters.Every market has its nuances, but those basics apply everywhere.

Well looks like your math is mathing with the numbers you gave us. 

Quote from @Mark Bennett: I've done the homework.

@Chris Forbush isn't wrong if you think you'll need a property manager/cohost, but if you've done you're homework then you can absolutely run an STR on your own from a distance. 

You’ve clearly done your homework and are approaching this with the kind of long-term, strategic thinking that sets great investors apart.House hacking is a smart entry point, especially in a high-barrier market like NYC.

I’ll give you clean next steps and the trade-offs.I’m here to answer financing questions, share checklists, and post quick case studies that actually show the math.

And if you’re listing the house online, try platforms like LoopNet or local Facebook groups for real estate or community housing.Just make sure to do your homework and ask for references, check their track record, and make sure they’re following any local zoning or licensing rules.