Shirley, NY Buy, Fix, and Hold

We closed on a 3 bedroom, 1 bathroom, ~1,000 square foot cape REO in Shirley, NY in July, 2014. In addition to cosmetic upgrades, we put in a new boiler and regulation outdoor oil tank (no natural gas in Shirley), a new roof (the old roof had up to 4 (!) layers in areas), and ran electrical for the laundry room and new electric stove (property had previous used propane). Our planned exit was, and is still, to obtain a lease with option to purchase tenant, so we went with wood floors and cabinets, stainless appliances, and granite counters. While Shirley taxes would be considered outrageous for most of the country, they are affordable for the region (Suffolk County, NY), making Shirley an attractive rental market, and we are seeing the selling prices of comparable properties rise faster than the national average, though days on market in the area are high.