See the problem is actually collecting that $1,000 rent consistently. 

I have extensive sales and negotiating skills, a big sphere of influence and a very strong work ethic.

My realtor got an extension for an additional 5 days.I've had serious problems getting contractors to see the place and give me quotes on short notice.  

To juice up the return you might fix it up list it for sale and lease, try and lease it fast so you have some rents collected while you wait for it to sell.

Do I have to involve the bank in collecting bids and selecting subcontractors for scopes of work?

BUT, as to a marketable property, marketable in that no extensive work is required for, say a landlord, where there are no real marketing time issues and the value is in a range sought by a facilitator of a sale, 10% is pretty much going to be the value of the service of a facilitator. 

I am guessing a lot of owners just collect the rent, defer all the major repairs and expenses, sell and pass them to the next buyers.

Even factoring 10% vacancy into the 50% rule to make it based on collectible rent, it says you'll cash flow $185/m.

My goal in real estate is to learn as much as possible and share in the collective success of this community. 

Soon, I plan to be taking on my first commercial property to manage (tenant placement, rent collection, repairs, turnovers, etc).Since the person I am taking over for (the building's original owner, now 69 yrs-old) is a little antiquated and has no real systems in place, I'm wondering: what are some quick wins that would update and modernize how the property gets managed?