An asset can still be excessively overpriced in a high cap rate market.

Even with $6,000 cash flow, a big tenant turn (I see an average tenant turn ranging from $1,000-$3,000 for owner responsibility,) excessive holding costs (high mortgage, lawn care, utilities, taxes, insurance, etc.,) and/or extended vacancies (tenant moves in a bad time of year, turning the unit is slow, etc.) will wipe out your reserves.

I'm worried that if they break their lease and leave, that leaves me with 3 offices to try to fill quickly, all of which are slightly more expensive than the going rate.I had a thought about offering to this tenant (who is interested in the 3 offices) to invite her to go in on the purchasing of the property, maybe inviting her to be a 10% owner, the thought being that if she has some skin in the game, she would be less likely to cut and run and leave me high and dry. 

To me those returns are roughly equal.I still have dry powder in case an opportunity arises.

The other issue with the septic systems was that the leach fields were dry after the inspector flowed water to them.

The inventory in the MLS is fairly dry for this type of property.

Specifically, were projected returns fully realized, were fees and other charges excessive, were holding periods predictable, etc?

The PV company advocates for wiring all the PV panels in series and then letting any excess electricity from the panels balance equally through all three meters - that's technically the most cost effective for the whole property, but would mean I need to install a bunch of extra hardware to measure actual electricity usage. 

This Block Home located in beautiful Haines City/ Lake Hamilton City has a New Architectural Shingle Roof, New Energy Star Double Pane Windows, New AC Unit, Dry Wall, Floors, Plumbing, Electric Box, PVC Windows, Wood Kitchen Cabinets, and Stainless Steel Appliances.

Having $3MM of dry powder during a potential downturn is EXACTLY where I'd want to be, not invested in a property that is simply treading water, especially in a more expensive market.I am of course assuming a downturn, but there is no denying that even very active money (i.e. more time available to spend on adding value) is having a difficult time finding quality deals today.