If you're making a 100% pure financial decision, you'll probably be more attracted to the potential arbitrage. 

I have rehabbed three residences and flipped them as house hacks, but never purchased a building like this one that as purely an investment, so would love help on strategy and specifics. 

I'm not looking for a pure +Cash Flow property in a bad area.

If you're looking for pure cash flow then that strategy will be different. 

pure rent number is $1300?

My advice is from a purely legal perspective to insulate you and your LLCs from potential liability.

But from pure wealth building perspective, I think the math is pretty simple.If you really can not find any other investments which can return much higher than 6~8%, WL may be not a bad choice.

@Matthew GentileMy strength is as the strength of ten because my heart is pure.

I agree just to move for purely cash flow reasons doesn't make sense in the short term. 

From a purely water reduction perspective, a low-flow, dual flush (0.8/1.28 gallon) or single flush 1.28 gallon toilet if you don't think your tenants can master the dual, will save you the most ... especially if you are removing old 5-gallon/flush toilets.