Is owning rent stabilized property really that bad?

My wife and I are renting in Ridgewood Queens. We like our apartment but are paying $4k a month, and it feels ridiculous to continue considering we have a down payment saved.

We’re not really eager to move to the burbs, and unstabilized units are more prized by investors so they’re outside our budget. Looking at condos where we’d want to live, they’re close in price to 6 family units in those spots.

Investor forums seem to lean heavily against touching anything NYC and definitely staying away from rent stabilized units. But from my vantage point it seems like it’s a solid choice for us.

I’m not 100% on the steps to start, and caveats, but before I speak with an attorney or broker I’m looking for perspectives.

Rough details are: 6 family unit, likely all stabilized. $1.2 million ish purchase price, $350-400k down $8k roughly in liabilities - loan, taxes, utilities, insurance Average unit rent $1400 We’d have to evict one tenant to occupy an apartment, I know there are protections but our case seems to allow this as we’re looking to move in long term. 5 remaining units means $7k income a month. So our responsibility would be $1k to cover expenses, allowing us to maintain our current $4k budget as paying an extra $3k to the loan monthly. (Roughly 12 years to pay off with the extra)

My thoughts are that with the rent prices and increases limited, yes our income potential is as well - but we’re not looking to be profiteers here. Im seeing it as low rent means people would always want these apartments. We’d always have some level of income to subsidize the purchase. Even with that in mind, it seems like we can secure a $1.2million asset generating $100k in income. Yet - anywhere I’d look for guidance I’m basically just given the same “NYC makes being a landlord impossible” deal.

I just want to live in a neighborhood I care about, and be wise with our money. Why pay $750k for a suburban house in a town I don’t love, when I can afford to get a place like this? Is it really that unadvisable/difficult to deal with?