I actually live in the Porter's Neck area and love it! 

Of course if you expect your tax burden to be large this year, but lower in future years, that may not be a concern.thanks for the message, joe. yes, i understand RE phase out and recapture. for this property i would intend on just refinancing and 1031'ing until I die/pass it on.I think it's especially important for me to take advantage of bonus depreciation this year though because i am looking to buy a house in a year or two for myself. my understanding is that with the way traditional mortgage underwriting is done, they can add the bonus depreciation back to my income for this year.  

Porter thank you, I will look into that

Once the new buildings go up and the new business park is created, you might be more suited to try that solution.Hope this is helpful.Thanks, Joey

To Joey P. and Steve B.I definitly agree with everything you guys stated.

Welcome Joey! 

I agree with @Joey Middlemiss .

Hey Joey,I manage properties in Port Tampa City and we are getting above $2k per month for 2br / 1 bath apartments so I think you can do better than the numbers you are suggesting on a rental. 

@Joey Nakayama  I swear by handyman matters.  

@joe yes my mortgage is 78000 my payment is 518 a month (170 Principle, 244 interest, and 103 in escrow) The house is a 2 bedroom and 1.5 bathroom recently renovated.