That's before you pay any debt service.To answer your question: No, it's generally not a good idea to lose a bunch of money every month.

We have no debt and good credit scores, do we have any options for making this work?

Just a follow up question, were you utilizing debt to invest, I have always been taught since a young age to try and not utilize debt (I come from a family of stock market investors, traditional business owners) where debt is not utilized as frequently which I obviously understand debt can be a very powerful tool and utilized in a great way its just something I want to avoid with my investments to an extent any suggestions for investing without debt or as little as possible. 

To Sum it up, its a good idea if you can exceed the cost of capital (higher rate than your cost of debt) with what you earn on your heloc/debt you pull out and invest.The question is how much gains above is enough to substantiate the risk of your variable interest rate, well thats up to your personal investing criteria.

While I doubt I'll be investing here (terrified that property taxes and the pension debt will ultimately cripple property values), I'm always interested in meeting new people.

Quote from @Kevin Sobilo:Monthly Rent + Monthly Debt Payments <= Gross MONTHLY Rent * 45% Obviously I made a typo.

However, be careful of taking on too much debt.  

Do DSCR loans qualify if purchasing through 1031 w/debt-carry-forward requirements?

As I studied earlier, the first thing you should do is marketing, then get a call and do a property analysis to understand if it's profitable for you, then meet with the seller and sign all the necessary papers, then if there is a debt in the bank we do a reinstatement quote, then do a title search to check if there are any hidden debts, if everything is fine we look for an investor or flipper and sign an assignment of contract with him and wait for closing to get our money.

An auction or an estate sale might bring in buyers interested in its potential or historical value.Market it As-Is: Listing the property on the open market as-is might attract DIY enthusiasts or investors looking for a project.