So I did some research in the area on comps etc and am fairly familiar with the area since I spent majority of my life there. 

I do a fair amount of rentals here in NJ for my investor clients, listing them for rent. 

. $2500 would be more than fair but not likely to make any difference of significance to your bottom line.

Or you could be in violation of Federal Fair Housing Laws. 

Lenders will normally consider 75% of the fair market rent as your income for purposes of qualifying for the loan.An alternative to consider is a "portfolio loan" with a local lender like a credit union or community bank. 

With the property we inherited 1 tenant and his fairly lax lease.

I want to run this person's advertisement on a local facebook page by some experienced tax professionals:"If you know any home owners who had hurricane and flood damage, let them know there is a special tax deduction for fair market value loss, and their 2016 income tax return can be redone now for an additional check that can be received in as little as 6 weeks from now.

I think that I have a fairly good path forward right now and should be able to complete everything over the next few months.

I have done a fair amount of research on Tax (lien/deed) sales  especially here in the Atlanta area (Fulton Co). 

I have many apartments and 2 daycare facilities although none in the same building so that would be right up my alley.If you're fairly new to real estate investing and it's not a great deal, there may be some complexity involved so you may want to pass.