It could appreciate but I consider that gambling.

I did some searching around the web and found lots of blue countertop new rehabs. 

It’s pretty much a calculated gamble at that point.

Futher checking the details of the property in the county web site, I observed that the actual property tax was similar to other ones and there was an add on in the same with $1400+ calling it out as MCDE tax.

All the signs in the yards and windows and on all the property management web sites are all advertisements for the following year and are typically up mid way through fall semester.

All joking aside, you take a gamble when you don't buy renters insurance. 

We built a web site, set up automatic payments, implemented late fees, raised rates.

The rent covers the PITI exactly and doesn't cash flow, all the advice on the web I've seen is if it doesn't cash flow it's a bad investment.

It's cheap enough I could afford to lose it all, so it seems like a worthwhile gamble.

The gamble you are taking is will you get market value on a sale if you don't permit the conversion?