Your taxable gain (based on income) would be $68,500 at averaged (13%) = $8,905I'm not a CPA, but this is a rough understanding of your position - hoping someone destroys this breakdown. 

Did they google how to destroy an apartment?   

A good manager can keep a mediocre investment successful; a bad property manager can destroy a good investment.If you find a good PM, they will tell you which neighborhoods and property types work best for the market.

Just evicted my first tenant in Akron and they left behind a HUGE mess of trash and destroyed a majority of the property.

Interestingly, they've recently negotiated a re-purchase price with us IF we bring new funding to the table.The rehab is required for several reasons: (a) correct the damage the bank has allowed to happen to the property improvements these past few years (known problems include completely destroyed pool makeover; wild animals living inside the residence; flooring missing in sections of the rec center building; destruction of the decorative main entry gate mechanism; lots of dead landscaping; as well as latent defects not known to us such as working plumbing, HVAC & water services) AND (b) expansion & upgrading of the accommodations (converting the private residence to a 2-story lodge with the restaurant/bar, reception/check-in, movie room, public restrooms, gym/sauna/steam room/massage therapy room; enlarged pool & deck area with climate-controlled cover for year round use; conversion of former restaurant/bar building to a general store selling venue collectibles & wearables, selected pre-packaged foods, sundries, RV & camping items, bagged ice & a propane refill station; construction of a free-standing event center; free-standing cabins; enlarged & upgraded RV park with its own small restroom/coin-op laundry building; outdoor activity areas; new landscaping & fencing; new parking area & entry drives (personal car & RVs).We know our target audience having created and operated the former version of this resort for almost years creating an initial membership base numbering about 1,100. 

A dumb assss property manager that could care less about you or your property, will load it up with grimmy tenants who destroy your property for fun. 

She does periodically come out and destroy something minor.

Whole house water filters, water softeners, and filters in the kitchen are also good for 6 month checks.4) Regular checks can also be used to check for tenants destroying the property, or swapping out appliances for cheaper ones.

Don't do anything in cash however, someone will eventually break in, destroy your machines, and steal the $50 in quarters.

Even old wood windows can often be fixed with some sanding and paint.Single pane, raw aluminum is ugly and old wood frame is a pain to operate but they work well enough and not replacing them helps me keep my rents within reach for families who need affordable housing.In some cases I will replace a single window in a house if the frame is destroyed but I never do the whole house.