We would need a ridiculous list of requirements to be ok with these many animals, and still might not be at peace thinking ok the possible amount of damages that they would leave behind.We will pass and wait for the right tenant.

My only concern is the rising rate environment and the impending economic slowdown many economists are expecting (granted they have been saying this for the past 12-18 months), and what impact this could have on getting overly levered.

I doubt they will extend it to the "A" lending portfolio as many of them have thriving "B" portfolios due to the extremely difficult lending environment the federal government has created in an attempt to help the affordable housing problem that was created by them in the first place. 

We have also built a relationship with members of the historical society, which has allowed us to operate in this challenging environment.

And it will give you some peace of mind having a more solid property. 

Also, this is going to sound rather controversial but I've been formulating this theory for a while but I don't think that the 1% rule applies to the Boston area and here is why:That is a rule of thumb to use in a cash flow environment.

You would be borrowing pre-tax funds and paying loan back with after-tax dollars at 5% that you could invest in tax-deferred environment and grow your wealth at 10%+ rate (there are many opportunities that would allow you to earn at least that such as private lending, syndication, note fund, etc).

That said there are always underlying factors that make markets or environments better than other times.  

Perhaps I'm a little conservative, but that 15% total gives me peace of mind.

Add to this the uniquely corrupt bureaucratic environment of Baltimore City, Maryland (where I grew up)--and its creaky, barely functioning housing-voucher machinery.