I recommend you do this each year to adjust for utility increases and other variables.

If rents drop catastrophically you have a long way to adjust them if you own free and clear.But you are also getting the benefit of leverage on the other property.And best of all you are setting the stage for future growth by concentrating equity. 

Declining population means declining demand for housing which will result in declining property prices: US Census dataIncreasing inflation adjusted per capita income. 

Turnkey is a less labor-intensive investment (though I hesitate to say 'passive' since there's still a lot of vetting and research that goes into choosing a provider), and once you pull the trigger on a property you should have to do very little day-to-day.

Just don't make the rookie mistake of comparing different classes of properties without adjusting for the extra risk.

Congrats @Geoff Stuhr the building looks great - when are you able to adjusts rent to market?

Of course I am assuming these are your typical adjustable shelves on entry level cabinets that you can remove.

I recommend you do this each year to adjust for utility increases and other variables.

But I realize that’s not guaranteed, I’d adjust as needed as the dates got closer if they weren’t booking.  

The difficulty comes if you run out of money, have an adjustable rate HELOC, and the house isn't done to Fannie/Freddie standards so you can't get a new mortgage.