That leaves you with the property under your control.

I watched as the growth spread to Apopka, but Apopka seemed to have a better handle on controlling that growth to be appealing.

Who controls what?

Purchase price $ 510,000 Purchase Closing Costs 10,200 Estimated Rehab Costs 5,000 Total Project Costs 525,200 Downpayment (36.9%) 188,000 Loan Amount 322,000 Loan Interest Rate 5.250% Total Cash Needed 203,200 Gross Rents 61,440 Monthly Rental Income 5,120 Expenses Advertising 25 Gardening 66 Insurance 250 Management Fee 512 Pest Control 50 Property Tax 638 CapExpense 512 Security System 280 Vacancy 512 Total Monthly Expenses (55.6%) 2,845 Monthly P&I 1,778 Total Cash Flow 497 Performance Metrics Monthly Cash Flow $497 Cash on Cash Return (ROI) 3.17% DSCR 1.28 Purchase Cap Rate 5.35% Proforma Cap Rate 5.20% 1% Rule 0.97%

So I'd check locally 1) whether there is rent control 2) how long in advance should the tenants be given notice about the rent increase.And then do it gradually to avoid vacancies.

This is precisely why I leave the water off at the meter in unoccupied homes. 

It would also allow jurisdictions to change or strengthen existing local rent control laws.SACRAMENTO RENT CONTROL OUTLOOKSo, let’s say the initiative passes (investors and landlords, you better get out and VOTE!!!)

but I will take a guess at what your askingif the developer is going to bust this into lots and you stay in you just lost your tax advantages and will be deemed a dealer at the highest tax rates.sell now no risk.. and best tax treatment you could 1031.if its one property and your saying should I partner and they are going to build an apartment on it and we will keep it.. that's different.. but you lose control because your now going to put a massive amount of debt on it.. all though in your area not too risky given market conditions.. and really depends on your developer  known, reputable and stable ?

The biggest risk around it in Seattle right now is the city council and their push for more rental regulations,  with several influential council member's stated ultimate goal being rent control.    

Is there rent control?