@Jeff HolmbergAt the start you had me applauding; recognizing your weakness and risk exposure in the market and turning that into the opportunity potential of looking at ancillary micro-markets. 

In the short term though, I think this could eat some of the cash flow.My plan B would be to continue to live in the property for more than 1 year if the market continues to be weak and I struggle to increase the rent enough to make the property profitable.Do you think this is a robust plan?

One weakness of the BRRRR strategy has been suggested to be its linear fasion.

I would also post a cash for keys offer and continue to offer it until you hit a weak day where he needs the money. 

What are your strengths and weaknesses.

Your strengths, weaknesses, experience, and preferences all play into which areas are the best.

Generally if something isn't selling, we know our marketing is great (rarely is marketing the weak link anyways these days) it's the price.

@Sacha Allen, I'll add that there are some weak-points in many homes that can be "sured up" to add value to the tenant (not necessarily to the appraisal). 

It is just a matter of knowing the weaknesses, risks and upsides very well.

looking at it from this lens with the understand that you will be building a cash position to acquire additional ASSETS which will increase both your cash flow and net worth — this is much different than dangerously over leveraging (i.e. 80+%LTV, minimal cash flow, unrealistic rents, weak cash position l, etc.) or using the cash for non-asset related activities or just blindly taking out cash without a plan.