If you have the extra cash you can buy more units or be able to handle expenses that crop up more easily.

Primary Homes - most banks will easily do 80% of the value of your home, some will go up to 89.9% loan to value (LTV). 

If they do, then you can likely find another tenant for that amount fairly easily, as I would assume the entire town's taxes are up- so if someone really wanted to be in town, that price is the new normal.If your taxes increased that substantially in a C neighborhood, your tenants would way more likely give push back for that type of increase- even though you're not being greedy, you're just imposing the same raise you were given.Often the buyer who had the "well, the numbers are better" mentality is only looking at year 1. 

Can easily get a 20% referral fee just for sourcing and handing off that lead.

@Julie Doke: Industry specific software speaks to you and you can easily relate it to your day to day process.

With $110k cash, you can easily buy 2-3 positive cash flowing rentals here. 

Ideally they did not pay over retail because if they did they could easily lose the money they put into the property if the loan gets called.  

Average rents for a well maintained 2 bedroom apartment are easily $1000.  

It can happen all too easily! 

Most owners who do it want to keep the option of having the building vacant when they eventually sell the place since vacant places sell much more easily then tenant-occupied ones if it's a rent controlled building.