I would then come down and look at those areas in person and see if you feel comfortable investing in those areas.

If I was in your shoes I’d probably 1031 into something with more cash flow and use the equity as a down payment.

There is an opportunity to raise the rent to 2300 but alas I think it's just too late in the game and too many unknowns to make me comfortable with that property long term.

@Brandon P. check out Metro Detroit.It's really going to depend on Class of property you want and cashflow.Generally, the higher the Class of property, the lower your cashflow.On the other hand, most investors forget that the lower the Class of the property, the higher the corresponding risk.You should figure out what you're comfortable with versus going with someone else's opinion!

@Sean Andersenyou need to be able to feel comfortable discussing these questions with your realtor.  

@Dennis L.There are a lot of syndicators to sift through, I always recommend you get referrals from your network and then call and talk to different operators so you can find someone who you are comfortable with and meets your needs. 

Don't rush into any contract you aren't 100% comfortable with!

Admit though I have a bias towards what I know and am comfortable with, so if you're confident in strategy 1, best of luck. 

Working within your wife's comfort level is important.

Try some out and see what your comfort level is with them....