Qualified opportunity zones allowed for deferral of capital gains into real estate purchases- however the benefits are different than that of a 1031 and have some some of the benefit at this point (there was a reduction in the % of gain forgiven based on time and we're several years into it now). 

Did they just do a price reduction?

I know at 2:00am in the morning if a new property which meets my specific criteria, has hit the MLS, has a price reduction or a change in status.

"HUGE PRICE REDUCTION!

After a couple price reductions, we are now at a point where it does not make total sense for us to sell.

You have a tax hit from one and a tax reduction from another, so their combined effect could be anything.#2 - you can claim depreciation in a different year, but it won't offset this year's capital gain, and it may result in those additional depreciation deductions locked up.

Money Talks, he is not selling it at $712,500 and just did a price reduction so most are missing this because of the work needed or its old inventory, or low rents [is there rent control, if there is it makes it a bit harder but not impossible but your rents will be lower and you just adjust your calculations accordingly.Just so you know,here are what other investors or where hard money lenders are evaluating the property.Asking $712,500.00Rehab $150,000.00 [adjsut accordingly]ARV $875,000.00They do about %30-20% of Value minus Repairs$875,000  -  $150,000 - 20% =$580,000 or lessYou can beat out other investors [if they even have any offers].

I don't mind the slight reduction in rent, as they are friends of close friends.

Agent then when nothing happens goes for price reductions until it gets to a salable number.. those agents are slimy. 

A lease should be signed, some sort of vetting, fielding phone calls etc.Management rates are highest for short term, with a small reduction for medium term and long term having the lowest.