What is your plan to fill the place back up when they eventually graduate? 

Many of our landlord clients have clauses that make the tenant responsible for drain backups if they flush something down the drains that shouldn’t be flushed.

Personally I would sell, wait on the sidelines for the correction, and buy it back up at the cheap price, and ride that back up

Can you weather vacancies and evictions and loss of equity until it comes back up again?    

LOL.. got to have some back up.. in my mind.. 

I address my tenants concerns the moment that they arise.I am the best landlord there can be and I am the biggest “jerk” to neighboring building tenants when need be, which is a lot.I go to bat for my residents in council meetings when need be and I make certain that every neighboring property owner knows that I back up my tenants when needed.My buildings are well maintained and right now they look absolutely beautiful with landscaping, so my residents feel like the 1st class citizens that they are and will never feel 2nd to a property owner.

Now when the house goes back up in value over the next 7 years at an appreciation of 3% a year for 7 years you are at a value of 332k with 120k on the mortgage. 

All depends on how quickly people get stimulus money (personal and business) and when we'll be able to get the economy back up and running again (even just 50-75% capacity). 

For me the 401k is the back up of the backup plan.

Seek out coverage that includes: water backup/sump overflow protection, mold coverage, equipment breakdown protection, service line coverage (for underground wires, water and sewer)...