I know there will be more vacancies, and missed rent, but do you think we'll also see a decrease in rent rates? 

Will this increase the property value of the neighborhood, decrease it, or have a minimum effect?

If none, obviously, you missed the market or the current COVID-19 has affected your ability to rent at that price.Make adjustments either by increasing amenities (for instance, adding a Dish Washer or Laundry) or by decreasing the price.When you do get applicants, you tell them that you are gathering information for now, but not a full application.

It was sold for 208k back 20 years ago, and has actually decreased in price while most houses in this area have double or quadrupled in price since then.

Mortgage applications have dramatically decreased, along with purchases.

Can I negotiate to decrease the price based on work to be done after inspection?

Some Notes on Texas from the latest issue of Texas RECON (Texas Real Estate Center) Newsletter.Far West Texas continued to feel the impact of the oil downtown in March as apartment rents decreased.

Cap rate doesn’t take into consideration any loan payments.Just guessing that is the case due to $34k decrease with minimal booking fee commissions and such.

Will you erect a temporary " wedding " tent or other similar  temporary structure to handle larger groups?

The Covid situation is temporary so treat it as such.