I THINK you could probably just expense your deductible if insurance didn’t cover 100%.

Would it be better to do some remodeling and deduct those costs from the sale proceeds, or should I foreclose and sell the property "as-is"?

You only want to file a claim if it's much greater than deductible or your rates shoot up pretty quickly. 

As you mentioned, you have to eventually pay it all back" - which is true, however you either pay interest (which is tax deductible) and keep the asset, or pay you tax.

This cost will be due March 1st and deducted from any payments before any rent is applied.

Additionally, depreciation deductions on the multifamily property could offset a portion of your rental income, further enhancing returns.Key considerations:- Financing the multifamily: Would you go all-cash or use financing?

I go with the highest deductible possible.

I would caution on having a high deductible / inadequate coverage policy with a property in Athens.Dan, a comment you made that I don't concur with is the cap ex on a new build of 300/month, unless it was a low quality builder (I have no idea who the builder on this property is). 

So, if your property has all bills paid by the tenant, you will deduct from the voucher amount the set amount by bedroom count for items like water, electric, gas, etc.

With 5% down payments and all the expenses deducted, there seem to have close negative/only around $100 cash flow each month.