Neither outcome is good for you.I give some approximations of each expense category in The Hands-Off Investor, but the best way to nail down operating costs is to look at the property's historical performance.For example, Contract Services and Utilities. 

Thanks, DavidSteve hit the nail on the head.

@Danny Gonzalez you hit the nail on the head.

When you are hammer everything looks like a nail. 

@Evan Polaskiyou nailed it - control and liquidity. 

In a location like this, you kind of have to nail it.

The difference in locations between one mile and five miles could be highly subjective and difficult to nail down.

Put the capital in a low-risk instrument (CD, t-bill) that will preserve as much capital as possible even while making your mandatory (5%?)

Check out your local historic preservation society about historic property development.

Seeing how they were all brand new accounts and they have now been banned is the nail in the coffin for me!