I'll add one more: buy the best quality you can afford at the time. 

Credit score- the higher the best. 760-780+ generally gets best pricing for investment property loans with most lenders.

Tenanted properties are extremely challenging to sell and the recent change in notice period has made that worse in BC.You are in a tough spot either way, only you know your financial situation and your numbers.

Best,Drago

Are rents way below market? 

Look at it this way...if you were a buy & hold investor who had a deal model that said any property you purchase has to cash flow at least $400/mo. 

I'd like a systematic way, that's more efficient than my current excel sheet, to ensure I'm following up weekly with the same people while keeping notes etc.

And now I'm wondering if I spent way too much, considering how small my business is and only one property.

You don’t have to research very far to see the widespread housing trends toward more micro-apartments, co-housing situations, and all the other ways people are voting with their rent dollar in wanting a better value proposition at the affordable end of the rental spectrum.Vacancy for an SRO can be kept quite low, and the density results in a very high cashflows compared to the same square footage of a triplex or 6-unit down the street.Utilities bills are marginally higher with the SRO, because there is no incentive for tenants to conserve.

Best of luck!