I realize it's a mathematical issue that is really a function of the cost of the contract vs the cost of doing maintenance out of contract, but I was wondering if anyone else had looked into this and what conclusion you may have come to?

Not enough data to jump to any of those conclusions.

Slap your results up here on BP and you will get some great and not so great, ideas for your future reference and business library.And professionally draw this transaction a successful conclusion for all parties involved.Again, look forward to your response so we all benefit from ideas gained from your hard work.

People hear those stories, and come to the conclusion that it is difficult to make money as an investor.While you cannot control the market, you can be successful at investing if you do the proper preparation before making a deal, and stay focused.

Of course you have to meet the other requirements, timelines for identifying/completing the replacement property purchase, proper procedures with a QI, etc.Your conclusion about the mortgage above is incorrect.  

I think you are doing a smart thing by trying to understand it before jumping to a conclusion that those doing it are idiots ... you don't normally accumulate that amount of capital by being an idiot :).As to why somebody who could afford to rent one of those units wouldn't just buy a place ... not everyone wants to own RE.

I have bee watching our local market very closely, am not able to draw any conclusion / 's on why my property is not selling.

For starters, it teaches you to overcome adversity and see things through to a conclusion.

I have been trying come to a conclusion on the reason for several months!

To continue @Alex McGathey original mention of St Pete Beach:The city of St Pete Beach is nearing the conclusion of their Sewer Project.