The write offs and "anticipated" future amortization is what I look for in a rental property.

Negotiations of the final purchase were based on comparable price/sf and cap rate for the area, as well as anticipated deferred maintenance that was estimated during the initial property visit.

So biting the bullet and purchasing two for your 1031 might make sense if you anticipate that.

Usually 2-3% is what investors anticipate, anything more is a bonus.

I am still running the numbers especially now that I have realized the insurance much higher than anticipated. 

I'm anticipating a lot of repairs on that unit and some repairs on the other units as well. 

I just did a cash out refi that closed 2 months ago for $136K and my closing costs were maybe $7K, which was high as it was an out-of-area lender (only reason I went with them was no prepayment penalties and I don't anticipate holding this property very long).

After repair value: $253KAnticipated or actual appraisal issues: None anticipated - may be able to use equity from other home or funds from my business to supplement a bit, if needed, here.  

Should I wait to purchase anticipating a market crash?

Although that may be a good place to start, the time it takes to get there will be longer than you are initially anticipate.