Does it have more modern copper / cpvc plumbing, or is it older galvanized plumbing?  

Saving pennies to cost yourself dollars is foolish. 

So even if you FSBO it, there's a good chance you will have a Realtor asking you for a buyer side commission AND have to deal with all of the aggravation involved in selling (marketing, paperwork, inspections, etc).Either you don't think your time is worth a couple of grand and would rather trip over dollars to save a penny or this is a veiled attempt at marketing a property on BP outside of the Marketplace and should be flagged.List it already.

The property itself depreciates at $21,000/year and if we add rent loss, every little penny of the remaining rent income is deducted.

But no up sell no 8 hours at the dealer  No being handed over to the closer or the finance guy to sell you True Coat.. 

Primary duty is actually Financial...collecting maintenance fees, paying vendors, processing collections, and accounting for every penny clearly and thoroughly using industry Best Practices.As a Board Member yourself, you should quickly learn about your Fiduciary Duty, the Business Judgment Rule, and get a feel for your Governing Docs to see how your particular project is supposed to be run.

However, I do not want to rent in a neighborhood where vandalism/safety is a major issue.My strategy to identify acceptable neighborhoods when I got started was to avoid areas where copper theft is a major issue.

Because I am the shark who comes in and bails them out for pennies on the dollar.

That would effectively force you to penny pinch like in option 3 because of increased cost of living, but you're also living the dream, gaining (and creating with improvements?)

I want to say Chicago didn’t start using copper pipes as code until 1980s and I think the city service lines we even later.