I'm not that familiar with the NY market, but my understanding was that NY was not a good investment state. Maybe I'm wrong.
From what I have heard, the best investment states are those that were hit hard by the housing bust like Florida, Nevada, Michigan, and especially Texas. Texas is a great economy for investing as we have one of the best economies in the United States, good job growth and creation, and no state income tax. Rental prices are up and purchase prices are down. It is pretty easy to earn 10% return annually on your investment here, with returns of 15 and even 20% per year possible.
I have helped investors from all over the US purchase property here in the Dallas, TX area. If you are interested, please feel free to give me a call.
Keller Williams Elite Dallas, TX