I hesitate to call the current market a bubble - there's just too much up in the air to really see what's what, and while RE is a big part of the general health and status of the economy, there are a number of other factors that determine what / when / how the correction happens.The bigger they are, the harder they fall, so unless we (collectively as a society) really have our crap together (which we don't), when we eventually do go down I think it's gonna be a doozy. 

There is a calculation performed each year based on the account value and an age factor (perhaps yours, perhaps the deceased original account holder depending on certain variables). 

If you can cover 70% of the mortgage and it's cheaper than whatever your current rent/mortgage payment is now, then you are saving that much extra each month (make sure you factor in maintenance and vacancies into these equations too).

So factor in your tax, your insurance, your capex, your vacancy rate, your HOA if any and see if it makes sense to buy it @ 119k.

But size is also a big comfort factor.

The newly developed gain in the purchased property bought in the QOZIf you hold til 7 years your original gain receives a 15% step up in basis, and so now you will only pay tax on 85% of that original gain.

If you're doing property/investment analyses beforehand (and you should be), factor in that you will be paying rent (and possibly some or all of the utilities) to the LLC, and that the LLC should be paying you for managing the property.

Also ask your agent if there are any factors on the house (age, not updated, location, etc.) that is affecting the rates. 

RUBS is a Ration Utility billing system that allocates 100% of the property's utility bill to the residents based on an occupant factor, square footage or a combination of both, less a predetermined percentage of a common area allowance.To put it in easy words, you still pay, but are able to bill back to tenants. 

I actually developed one for the properties I bought with tenants to get accurate info on them yet failed to do for my own tenants.