Your cash flow will of course tank but with a fat bank account who cares.Edit: I agree with your conclusion overall.  

Yep fat fingers, on the first mistake (96 rather than 95).

And I will do whatever it takes to keep this connection nurtured fat and happy!

It's called the "fat cat syndrome". 

Sometimes they get tenants to agree to higher rents for move in exchange for waiver of first months rent to half off or waiver of reduction of security deposit.If they bought for 775,000 in 2015 it is doubtful they replaced everything but did minor repairs and upgrades.You also want to look at how long have the tenants been there and paying on time?

Do you also think that prices will soften enough to eliminate the time value of the mortgage debt reduction against the property?

Or incompetent.Or, as is often the case, relocated and someone living in the subject property but not paying the taxes (or rent) while fat, dumb and happy.Your most valuable skill will be skip tracing; finding people who have a record ownership interest.

It's typical to appeal these increases and fight for a reduction back to what it was before or smaller than the increase the local government wants.Sometimes for property taxes if you are talking single family a seller might be claiming a homestead exemption or a special senior tax exemption which makes the tax bill much lower that what yours would be as an investor.

Probably the biggest things for me have been getting extremely comfortable with wood construction and it's limits, exposure to HUD financing, and really just how to trim the fat during design in order to keep costs down and avoid going through VE later.

In bad times, property prices are soft, but people still need a place to rent and properties tend to cash flow better.So, in the long run, rental properties are always a good investment unless you have a serious reduction in local population or jobs due to businesses closing...