High property taxes might be offset by better rental rates, or vice versa.

Better to keep an eye on profits than to stop at top line revenue. 

Hey @Jordan Couchman, You better hurry and find one, only a few more days until the deadline!!!

Alternatively, should I wait for better rates before making any moves?

In 5 years its a whole new area, and if you get in early its better than bitcoin.  

Hey Celebra,@Kim Meredith Hampton and @Adam Bartomeo have excellent advice, better than I can offer!

But Id say the agent needs to do a better job of screening the buyers. 

The question becomes:  does an investor risk going after a low cashflowing deal now in "hopes" of getting a better cashflow in the future and/or appreciation? 

Perhaps making step-father responsible for those items is better than charging rent.

Bottomline is having a good talk with all parties openly discussing how to handle this in a way all parties can be happy and lessen surprises.Hope it turns into a wonderful opportunity to get better acquainted with your in-laws.