AssetsAsk yourself: Do I want cash that depreciates with inflation and taxes, or do I want to build wealth?

It's essential to do your due diligence and perhaps consider investing in more established or upcoming neighborhoods.Property Taxes: New Mexico's property taxes are relatively low in comparison to other states.

If I can park the 388k ($415-27k) for one year at CD rate of 4.5% and then est 300k (after paying cap gain/depr recap) at 3.0% (assume CD rates lower) that interest income of about 24 months net of ordinary income tax is about the same as my current mortgage.Trying to play devil's advocate and think why selling this year does not make sense. 

That will show what proposed tax increase you will see.

@David R Pustelnik recommend you first focus on raising the rent for the first time in 10 years.By the way, how much have your property taxes and home insurance gone up since this tenant moved in?

If there’s no response, consulting with a real estate attorney would be wise to determine how to terminate the agreement and recover unpaid rent.Once they’re ready to switch PMs, I can recommend some reputable property managers here in Indianapolis who are responsive and trustworthy.

Also, how does one assess whether or not one can turn a profit after paying principal/interest, insurance, and taxes each month?

If you provide any kind of substantial services like catering, car service, etc you will change you tax situation and no longer can file under Schedule E.

Ok, if it's still sounding do-able, the next issue is that section 179 can't be used to create a business loss, so it would only reduce your taxes for the year if your rentals are operating as a taxable gain (but rentals are often at a tax loss thanks to depreciation).  

Is your DSCR ratio greater than 1-meaning are you cash flowing (according to the lender's criteria of mortgage, property taxes and insurance (and HOA) if applicable).