If you list higher, have a plan of when and how much to drop pricing--then stick to it. 

Not impossible that this certain local prices have dropped that much.

Instead, you want to find out about the property owners in the area and keep in touch with them long term via periodic calls/messages, emails, drop-bys, mailers, etc.- FSBO: Free seller leads on Zillow.

After I managed to creatively finance it, this deal isn’t going to cash flow at all for the first 3 years until the 3rd note drops off, and after 5 years when the 2nd note drops off it will cash flow at least $250/unit/month.

Sounds like you got a great return on your mail drop.  

Side note, if you can breakeven on long term rent, then you will cashflow when rates drop and your home will likely go up in value when the market responds!

I'll add, in investing you have to follow your gut and if you're already calling it "very questionable", drop it and move on.

Open a separate checking account dedicated to marketing and budget 6 months of mail, so if you have $6k, you would do $1k per month with 1/4 of that dropping every week.

Anyway I can only imagine this market will burst once rates drop as we've appreciated 10% YoY on "higher" interest rate environment.My 2 cents on your acquisition: Miami and Broward have many upcoming developments and it helps to know where they are being developed, as we all know, location is #1 and it helps being in the path of progression and gentrification. 

Drop your thoughts below!