Best areas in queens for a one- or 2-family investment

Forest Hills. I have not been there in a while, but I think you will need to up your budget a bit if you want to buy there.

What are the goals for the investment? short term cash flow? long term appreciation?
Either way, there are not too many areas in Queens where the rental will even cover the mortgage+tax, not to mention profits....
What kind of down payment are you looking to put?

I plan on holding the properties for long-term appreciation and future income. Emphasis on "future", as I plan to hold the properties for 15 years at least. I believe in real estate as a long-term place to park your money. To spread the money around, I prefer to put down 10-15%, though I could go up to 20%. I expect negative cash flow for the first five years. Again, it's a way of "putting away money". I would like to start seeing positive cash flow in about 7 years, plus a decent appreciation in value and equity buildup (an average 7% annual appreciation in value is OK with me).
Are these plans reasonable?

WTVFT -

1) It is very unlikely to get financing for an investment property with less than 25%-30% down.
2) In this economy do you really have enough disposable income to cover the negative cash flow?

I have the disposable income. I would buy the property for my own use, live in it a year or so, then buy the next one. I've done that before. But I am somewhat new to the NYC area (been here only about 2 years).

Forgot to mention, I am thinking mostly Astoria/Sunnyside. But there aren't that many listings there, so I want to expand the search and don't know where to look.

WTVFT, sounds like a good plan. This is essentially what I am trying to do, but my budget is max $325k. Most people here on se are trying to talk me out of it, but good luck

If you are going to live in it for a few years - that is a different story.....much better. The mortgage will initially be "owner occupied" and much easier to get.

I work as a loan officer in Astoria. There are not too many houses for sale in the area making them very expensive.

I would advise to look into a 2/3 family in a good area in Brooklyn. The good areas of Queens are very residential and are almost only 1family homes. They are very expensive and will not be a good future rental investment.
Your thoughts?

So what are the good areas in Brooklyn? As I said, I'm still rather new to NYC and don't want to make a very expensive mistake.

Prospect park, Clinton Hill, Park slope (more expensive usually), even Williamsburg (must be a good deal since it's for the most part a declining area).

Would be happy to refer a realtor if you want to work with a broker.(In NY the seller pays the broker fee).
The other option is to search the papers and internet for open houses and available listings. In such case the listing agent will show you the place and will be able to provide advice.

Have you looked in bayside. A friend recently picked up a newly constructed 2 family near lirr for low 8's

Are you prepared to put up with all the hassles with renting? What about the months of trying to find another tenant after another one screws you out of 6 months rent............

I was truly hoping people would provide info, not hassle me about what I can or cannot do. I've been investing in real estate for 25 years now. It's just that I have never been to Brooklyn, for example (or most parts of Queens), and thought I'd ask this community for pointers so I don't waste my weekends and evenings visiting one lousy neighborhood after another. Sheesh!!!

For Brooklyn in your price range, try Bay Ridge. Very solid neighborhood with good schools, is family oriented, many shops and restaurants, etc etc. A bit of a trek to Manhattan, but then again, not everyone has to go to Manhattan on a regular basis.

In Queens, look at the Forest Hills, Rego Park, Middle Village, Glendale, Maspeth areas.

i haven't been to forest hills in a long time but it was beautiful at one time...english tudor homes.