Many of the other nearby homes are larger, so I thought the demand would be high for a furnished 2BD. 

Cover the tax impact. 

On expensive apartment like these, if rent is too high, they would just rent a single family. lol.too much work for nothing.

Hey Francesca, I highly recommend Innago as that's what I use.

From a rental standpoint there has been an influx of new supply (mostly high end) apartments that have both come on market as well as that are in the pipeline.

I would highly recommend the lender I worked with on this and several other deals.

If you buy in with a high rate, wait two years, and your property appreciates and rates come down, you get a double windfall when you refi because the payment goes way down and you have equity to pull.BUT, that is a big if in today's market.

There is a high likelihood that they will find out at some point and all trust will be broken.

As an investor who specializes in finding owners/heirs to highly distressed properties, I understand more than most the importance of quality data when it comes to getting more deals.   

Prices seem to top out high $2,000's with many in the mid-$2,000 area.