That's a mine field no one on here is qualified to answer. ;) But your rental is doing well.

@David F.As Russell mentioned co-ops are probably 1/2 the price of a condo and you would also have extensive costs to set up a co-op and typically it’s my understanding the builder funds the first 1-2 years of reserves.

Quote from @Anthony Sigala: We are all aware of the 1% rule--the gross rent produced by a property must equal 1% of the of the property's acquisition cost.

This can be very expensive and is usually the worst choice because you can't justify the cost.2.

And hopefullt you won't need a traffic light, which costs in excess of $100,000, though you will be required to do a traffic study. 

Utilities cost $150 per month.

I had no idea what Ayn Rand was writing about was a REAL person: Frank Lloyd Wright.

This can be very expensive and is usually the worst choice because you can't justify the cost.2.

that we’ve learned in our 24 years, managing almost 700 doors across the Metro Detroit area, including almost 100 S8 leases:Class A Properties:Cashflow vs Appreciation: Typically, 3-5 years for positive cashflow, but you get highest relative rent & value appreciation.Vacancy Est: Historically 10%, 5% the more recent norm.Tenant Pool: Majority will have FICO scores of 680+ (roughly 5% probability of default), zero evictions in last 7 years.Class B Properties:Cashflow vs Appreciation: Typically, decent amount of relative rent & value appreciation.Vacancy Est: Historically 10%, 5% should be applied only if proper research done to support.Tenant Pool: Majority will have FICO scores of 620-680 (around 10% probability of default), some blemishes, but should have no evictions in last 5 yearsClass C Properties:Cashflow vs Appreciation: Typically, high cashflow and at the lower end of relative rent & value appreciation.

It's also essential to factor in your financing costs and ensure your cash flow projections align with holding costs.