Investment opportunity or money pit?

You will be losing money in the beginning, and how long that lasts is the big unknown. I come from the family of former Manhattan landlord, and things that you might not even think about should play into your decision. Do you have the time to deal with a difficult tenant and/or maintenance issues? The market seems to be in a state of flux, to put it mildly, and maybe you have to ask yourself how much of a gambler you are? When I run the numbers, since I'm also looking for a one bedroom, I would rather watch from the sidelines for now, until the costs of buying a one bedroom are more in line with the income of renting it out. No guarantee that will happen in the near future, but I choose to wait for now. Good luck to you.

I understand. Its a tricky market. With interest rates being low, I am very tempted to jump in. Dealing with tenant issues can be a headache.

The market is not that tricky. It is very difficult to buy and rent a condo and make any profit. Breaking even is a plus. You do get to deduct the depreciation but that is limited in most cases. Check with you accountant.

I don't mind losing a few hundred here or there month to month on rent.. I would like to know if I am looking at long term appreciation if it's worth it (10-15 years).

Sutton Place is not UES. I suggest you look into LIC area with easy access to the subway. It's easier to rent out those units

I have a 1BR condo for sale UES... great building to rent units in too.

btw I am not a broker :D:D:D:D