That being said, rental rates are remaining fairly strong, and with such an equitable position in your property, your cash flow should remain a positive net to you. 

Home prices in OKC remain affordable compared to national averages, allowing investors to acquire properties with strong cash flow potential.

The demand for student housing in this area remains strong, driven by the presence of Texas A&M University and its large student population.

Even if I take the 15% tax hit I would make $32,000/ year on the remaining $400,000.    

However, national rent growth remains at 1.1%, with a slight 0.5% dip from Q2.

A) pay 1/2 the remaining rent. 

The canceling tenant remains responsible for rent, utilities, and other charges until a replacement takes over.

I do have reserves to cover contingencies.Let's just say, I'm satisfied with those numbers.Had I had to use a bank, I would have had to put down 20% for $33,000, plus closing and my payment on the remaining would be $1400 PITI including HOA. 

A lot of original details still remain but looking forward to uncovering some goodies.

Let's say at 6% over 30Yrs will be about $960 per month(Principle/Interest) with the remaining  interest only portion $40K costing roughly $200 per month. $1500- $960 + $200 IS $340Cash in your pocket after everything roughly $1500-$1160-$340 which is not bad for a 100% financed deal(INFINITE RETURNS)Now, If you ran this analysis on a 1% deal as @Nicholas L. mentioned you will undoubtably end up in the red each month.All the best!!!