Market rents in this area for those size units are closer to $1,100 (a little more, actually).Previous owners owned these spaces for a very long time, so their taxes were low and those rents were manageable for them.

Warning:If you depreciate a property down near zero and then have to sell your property at a loss during a situation of distress...You could end up giving all the proceeds to the bank AND owe the IRS a big chunk of money for recapture.Long-term tax planning with real estate needs to be coupled with risk management and making sure you don't lose any properties.

I'm 3+ hours away and would hire a management company to take care of the property.

Today it has good cash flow (~$6k/month using 49% expense ratio) and is up ~$1m above costs.  

I tracked it and heard from the property manager they may take $1.3mil, but they didn't even flinch at $1.2mil cash, and we got it done. 

Do you manage your property yourself?

Try interviewing at least three managers.1.

After three years of managing all businesses and properties, we built up our capital and transitioned into full-time investment in Multi-Family Commercial Units.Since then, we moved to Nashville, TN, got engaged, and have two beautiful fur babies.

Does anyone have a realtor/property manager recommendations.

But that area has a lot of rentals and is not as good as other areas in my opinion.