Likely that the tenants will need to be babysat, hounded monthly for rent, then evicted anyway for this, that, or the other thing.As a younger investor, I chased high yield, thinking those old fools who bought those pretty houses were morons, and that I'd show them!

Your plan is to lose money, possibly create confusion and animosity, and eventually chase off the tenants that have been there the longest.

I've seen some borrowers chase a lower rate at a regional or community bank rate (.50-.75% less sometimes) than a credit union but they didnt realize that CU's generally have no PPP or pre-payment penalties so at the end of the day its almost apples to apples but if you were to increase your rate at the community bank to get no PPP then you would probably end up at the same rate as the CU or credit union anyway (anecdotal).

We also have major contributors to our market including the headquarters of Nationwide, Cardinal Health, L Brands, Big Lots and other major brands with a large footprint including The Ohio State University which is one of the largest universities and medical centers in the country, Nationwide Children’s Hospital, which is pumping tens of millions into their campus every year, and JP Morgan Chase, which has more than a million SF in Columbus and continues to bring more, Cover My Meds, and many more.

With a lot to do and hardly any free time or the budget to hire anything right now, we feel like we’re chasing our tail here.

question is am i chasing something super rare?

If you are chasing income, invest the money in a Mobile home park that owns the trailers and structure owner financing agreements with the home owners. 500K will generate a considerable amount of income in that asset class.

I eventually had to chase him down through the Office Manager.The only reason I'm still with them is because I don't want to rock the boat and have the tenant go through any hassle in the course of transitioning out to a new manager.

Beware when chasing 1% though that there are tons of properties out there that while achieve it are often lower quality properties.  

I would strongly encourage you to give heavy weight to a market that you know well, so you can be sure you aren't unknowingly buying Class D properties in an effort to chase the cash flow you're looking for.