Ask for a price reduction?

For example, option 1 is the rent reduction above, option 2 is the other apt you mention, and option 3 is let her out of the lease.The benefit of spreading out the rent reduction is that if next month the dishwasher breaks or dryer goes out for an extended period the tenant won't go straight to asking for another month free.

The rapid reduction in rates could have a multi faceted effect on the investor market:- Initially there are many proposed investment purchases that the numbers just have not crunched at 8-9-10-11%'s.

MLSNegotiated reduction in price, new roof, gutters, and washer/dryer How did you finance this deal?

You can always ask for whatever reduction you want and see what the seller says

Depending on the type of returns your market provides- a reduction in your current living expenses and some form of positive cash flow once you move out would be a good start. 

You stated it may be in a c to d neighborhood so perhaps a reduction may be the route to cut your losses.Someone mentioned incentivizing the tenant.

Some lenders are using the higher rates to their advantage by tying longer prepayment penalties to rate reductions and that does help for borrowers that are long term hold investors.

Once I refi'd, my payment now included PITI so the reduction in interest was offset by the inclusion of principal, taxes, and insurance. 

This is a common strategy that many of our investors follow is to grow equity in a property through appreciation & debt reduction over time, and then usually within a few years you can either sell the asset to reinvest via a 1031 exchange, or access the equity to use as a downpayment on more rentals.