What are your expenses compared to income?

Lebanon, Sheridan, Cicero are all up and coming areas that are growing and will continue to appreciate above average.     

The property brings in 5k a month, has 1k a month in expenses.

You are not there.I think the more likely scenario is you calculate in supplementing your mom’s living expenses.  

A property's operating expenses are those that it incurs on a monthly or annual basis and are considered regular and continuing.

The only people making money in NYC are the people that invested years ago or the people that are buying land and building the expensive condominiums on them.

Plus, average premiums in Colorado tax sales last year were around 7%.

@Eric KajkaTHanks for the post   1) your FIL  will have  approx 2-3%  of selling expenses  assuming there are no realtors involved ..assuming 600K sales price  and existing loan amount  he will likely  net   a bit under the  400K  needed for AZ house ...he  will also likely have  some  costs  involved  with moving and buying the  AZ home .   

Compared to the previous year, price competition seems decent for the buyer, although if 2023 is any indicator of the year to come, the competition will be brutal with properties on average going over 3% asking (this seems small but across the state this average is on the higher end).

From there, you'll deduct all of your other business expenses that are not property-specific.