The new 200 unit building and the decrease in enrollment would be two major concerns. 

However, if you plan to sell it in 2019; you have to decrease the basis by the depreciation you took(or should have taken) on your tax returns.

By the same token, I don't believe your repairs and maintenance expenses would decrease because you are charging a lower amount of rent per month. 

This will decrease your stress levels and elevate your belief that you are able to be an investor and do this business.

Educate yourself and learn from other's mistakes to decrease your risk exposure.3.

Over time rents will slightly increase while mortgage interest will slightly decrease but you can probably look at the "right amount" of debt to offset that (again, along with depreciation).  

I took too many write offs in 16 to qualify for anything this year, but with our increased income and decreased write offs in 17, our net income will be substantially more.

@Ali QudsiUnless you are some not-for-profit organization - you will be required to pay property taxes.There are some instances that you buy a newly developed land/building and the county strikes a deal with you that you won't have to pay property taxes for X years but will ultimately have to pay them once the period is over.You can decrease your taxable income related to rental properties with depreciation.

A Geo political event can cause people to sell of their S&P  EFTs/mutal fund when no fundamental change to any of the underlying securities has taken place, yet their supply increases, thus decreasing the price, to reflect redemption. 

If you're not there to be found this will definitely cause a decrease in response rates...as many top investors are finding over the last couple years.