If you can, work a CRM into your renting system so you can capture some/all of those contacts.

Even if you get appreciation you can't capture it as the hypothetical $500K condo has appreciated at the same rate.

@Doug HaistenYou will get a higher response rate with both a landing page with a fillable form to capture leads, in conjunction with your number.

Key West captured me for 3 years and the addiction has never gone away!

"Caviar seeks to reduce investment volatility (“beta”) while capturing higher than average rates of return (“alpha”).

When I moved out, I thought it would be good idea to retain the house as rental property and capture the long term appreciation.

I just hate to think about you selling and not capture the max value.

You have two options to avoid paying back the depreciation expense: 1) sell the building through a 1031 (this allows you to buy larger and larger properties each time without getting hit with capital gains tax or deprecation expense capture back, 2) refinance the property  and cash out your original equity (along with some or all of your appreciated equity you earned from the time of purchase) and use that cash to purchase another property.I intend to use both options in order to achieve my goal of 1,000 units. 

Does it make sense to hold the condo and rent it for a period of time to capture any tax benefits?

Be wary to spend money before you are ready to handle the lead flow and intake and more importantly, all of the bad leads that come with lead capture.