I would 1031 exchange into another market as your caital use on your reserves will be minimal and you can try out a new market by doing this without too much effort or financial pain.

The state part may be a pain. 

Although a pain in hindsight it's needed - proper ventilation... plus the fan has a nice bright light which adds a lot of light to the dim bathroom.

The one the plumber sells will cost him less than that, and he may try to talk it up as better than the "big box" ones, but it's probably about the same.Add maybe $50 to that for parts - like a new temperature/pressure relief valve if the new one doesn't come with one, maybe new flexible water lines if it's not plumbed in directly, maybe a new shutoff valve. 

It is a pain but makes a difference. 

The housing authorities want these properties in a certain condition and if your tenant is hard on the property it's going to make your life a pain in repairs and compliance.   

Yeah, back in my days of doing slews of redemptions I had 1 bank who was reliably a pain in the azz and never workable.

That is a pain to deal with.

Propane on demand is a pain, takes too long for the hot water. 

It's going to be very painful for all of us.