Given that you've had 483 clicks with no applications, it might be worth tweaking a few things before dropping the rent.I had a client who also had a property in Fayetteville and who faced a similar issue.

Typically it's meaningless until it goes hard and percentages of pp have definitely dropped over the years. 

Your definition is correct for "legal non-conforming".The "legal" part of "non-conforming" is dropped when it doesn't apply so most commonly people call these units "non-conforming", "finished", "in-law suite/unit", or "bonus unit".Non-conforming: Any property that doesn't meet current zoning requirements.Legal non-conforming: A non-conforming property that was lawfully established under previous zoning regulations and is allowed to continue its use.Based on his posts @Mario Morales is referring to a non-conforming unit.

I wait well over a month before I hear any responses and then every single time they ask me to drop the rent.

Looking forward to seeing your portfolio grow.Feel free to drop me a note if you need any help with cost segregation (how to reduce your taxable income using advanced depreciation).Chris Schmidt-Löffler

My biggest hesitations with keeping this property is the rental market is pretty saturated and I’ve heard of some investors having to significantly drop their rent or have prolonged vacancies.

If you have a sample deck or know where I can find some great examples, please share them here or drop me a message.

Oh and we had to drop our initial price of $2,650 for mid-term rental to $2,250.The reason for the drop.

My real question is about managment because the reality is Im looking for a property on the cheaper end that i can drop 15000 into and have some cash flow and have managed 

Not sure if this is the case in your market but once we get into the fall time frame in my market the demand drops off significantly.