I used to move like $100-$150,000 per month on np notes.

If I paid cash for this property, the HOA + Insurance + taxes is around $500 / month. 

However, they are merging with another company next month which does NOT have MLS-only memberships.

Too bad you can't buy something owner-occupied, put 5% down with the best interest rate, live in it for 12 months (and fix it up), rent it out and repeat the cycle.Here's some other info you might find useful:----------------------------------------------------------------------------------------------------------------Recommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

We should be closing by the end of the month and the tenant is already in place.

That's looking at it through a narrow lens though, when you zoom out to 5-10-15 years down the road and calculate the difference, in my experience the appreciation has been far more beneficial than the $200 difference per month in cash flow from a different market.

What are the comps selling for (last 3-6 months)in the neighborhood?

Renting is the last thing I would do personally unless it is less than 12 months max. 

As for rent, the three parties agree on a fair rent for the apartment and that is what you pay the partnership every month in rent.

I've calculated the lump sum costs to be $9,500 for buy and sell combined and a monthly reduction in cashflow of $347 due to the new loan and taxes.