Struggling to Understand How NYC Property Generates Profit?

I inherited a NYC rental with low returns. Even without a mortgage, the net yield is suboptimal, and financing would worsen cash flow. Is diversifying with real estate worthwhile?

Hey, just joining the conversation—have you thought about repositioning strategies or value-add improvements as a way to boost returns? NYC always surprises me with its overlooked opportunities. Curious, what innovative methods have you come across recently?