The brutal truth of it is a landlord has to be situated to perform in a perpetual moratorium environment.

So my question is...how much interest rate movement would I have to see to lose the same $5 million by taking a floater?

Looking at the walls, they are arriving at very different conclusions of how much work needs to be done to ensure no further movement in the basement walls against the soil pressure.

That said, 1031 is typically pursued to defer taxes for as long as possible (ideally perpetuity), and many private equity funds have an investment horizon that ends at a specified time (usually 7-10 years), so taxes would need to be paid anyway, and the cost of 1031 probably wouldn't make sense. 

It's just a balance sheet movement at best. 

I don’t have enough cash to buy something out right at the movement.

But there is also political movement behind this: no one looked out for land lord when this was passed at the national level. 

Interested in this home because I am near multiple military bases which are a big bonus when it comes time for PCS movements.

Someone in the FIRE movement may believe someone who keeps working after reaching financial freedom is greedy.

If you renew the lease make sure it has a clause stating that if the tenant is causing or perpetuating the pest problem then they are liable for pest control services.