In a slow market homes sit and rot, they are on the MLS forever and the longer it sits, the lower the price goes to find the sweet spot for just the perfect buyer.

Taking these two pieces of info will tell you how long you will take to get an offer, so if you go past that you should lower the price, and then the other action item would be to starting off lower than all the other properties if the condition is better than your condition.

I have lowered the price significantly this year. 

When I asked them why they lowered it they stated cause they wanted to lower their exposure to the market.

. $100k expenses.

What are your long term goals (eg do you want to buy another house) and do you have a large savings set aside for unexpected expenses? 

Once you go above $125k/unit you start to get into the high end areas that won't have very good rent/price ratios and are under the 1% rule mark for turnkey stuff.Neighborhood wise in the city the "East End" is where the most expensive real estate is since that's where the universities and a lot of the hospitals are located.

No longer can buyers underwrite to $1,000/unit payroll and $250/unit insurance expense. 

This reduces exit options and affects the value. 10) Small number of small units is the most expensive residential development there is.

Based on my experience, it’s often not worth the time and expense because appeals frequently lead to no change in the tax assessment.