My biggest concern is: I would like to have this property cash flow $200 monthly and I'm not sure if the market would be able to support that high amount of rent.

I frequently see investors get rigid and want too high a cap rate with the starting 45 day ID period for 1031 then at last second they panic and have to get in something.

So, an honest appraiser won't value it based just on the high level numbers you are looking at.

The more energy efficient the shell is, the lower the cost of energy, which is highly marketable. 

Even if you do a cash out refi, you still need to pay off the initial loan, and then will not have enough money to pay all cash on the next and so on when prices are at a high premium.   

Real estate has high transaction costs.

For other folks, here are some other entities that would, if you sold the property to, have negative tax consequences: YouYour spouseAny of your lineal ascendants or descendants (parents, children, grandchildren, and the spouses of children, grandchildren, — including legally adopted children)Any investment providers or fiduciaries of the IRAAny entity (like a corporation, LLC, or trust) where a disqualified person owns more than 50%Any entity (like previously listed) where the IRA account-holder is an officer, director, a 10% or more shareholder, or a highly compensated employee

I would run numbers with pretty high interest rates if you want more cash out than 70-75% like @Brie Schmidt mentioned.

I wouldn't do it unless your market is highly competitive and it is necessary for getting applicants.I have my tenants handle their own utilities for a couple of reasons:1.

The special assessment seems high in general, so which building it is would help provide some insight into why and what you gain from it etc.