There is a lot to address there but I'm going to try and give you as simple an answer as possible.It starts with the cause of loss - why was the hot water tank shooting water everywhere?

Just food for thought.

However, rent will not be at market initially, which means I'll be losing money for the first few months until we get up to market rents, and then I'll be barely breaking even or taking a slight loss until I get the refi.  

(Plus, it’s home to great Belgian food – check out Cadieux Café.)Gentrification potential: Grade A

Whole Food, Chipotle, and Starbucks havw all set up shop here.

They're equity partners with a split of the profits if it makes money and a split of the losses if it loses money.

If the property isn't occupied at the time of loss, that's a different story.  

That is a "short sale" and the agent is marketing the property below market value in an effort to 1- get more offers or 2- get the bank to sell it at a loss.  

We just shifted last year to commercial apartments and I'm still mourning the loss of my 30 year fixed interest rates.  

They diminish yearly so you can check the loss every year on line by going to NADA Used Trailer guide and see what they are worth.