Subtract depreciation, explained here:https://www.biggerpockets.com/forums/51/topics/1121063-expla...Because of Step 2, depreciation, many cash-flowing rentals end up showing $0 net profit, resulting in no tax increase and sometimes in tax decrease.

The multi-family market has remained strong, and if rates decrease I think we see more buyers in the market irregardless of property tax increases.

Your price range is very doable in the San Antonio market as prices in TX have continued to decrease substantially over the past quarter.

Can you consolidate the portfolio (sell a few properties) and decrease your debt? 

Prime rate runs ~3% higher than the Fed rate but as others shared unlike residential mortgages with the prime rate there is a direct correlation and as the Fed rate decreases so does the prime rate.  

The sponsors’ goals included “protecting naturally occurring affordable housing” from teardowns, decreasing “gentrification” and lowering property taxes for homeowners.

One of the 800 economists who work there may have told them that since they decreased the M2 money supply by 4% over the last 2 years and currently now growing at only 1.26% not the pre-covid 6%, that they have stalled the plane, so forget the soft landing, get ready for some CHOP.

If the CO market is doing well for sure investors doing well too, if not, your equity may be decreasing as well. 

And lastly, I search FunishedFinder listings nearby, find comparable properties, and track the listed rent for a few months (does it increase, decrease?).

As a result, a mixture of high taxes and decreasing job prospects are making rental properties less profitable and more risky, never a great combination.