For a property with $101k income, it might be worthwhile upon purchase to do a cost segregation study so that you can front load the depreciation.

If you evict, you'll bear the costs of the eviction, plus the turnover/vacancy and on average have the same situation as it sounds like you have a typical tenant in terms of payment.

I normally advise people to self manage for the first part of their journey if they can so that they can get a knowledge base to become better investors.At some point if you get to enough units self management is tough and its too costly to hire an employee so the numbers make sense hiring a property manager.To be blunt, you are going down a risky path for an investor.  

Reason why is you may think it costs $250K to clean up and then they realize it is $2.5M.

These could lead to leaks or blockages, requiring costly repairs or replacements down the line.

If this is for an idea of your net worth, I’d also subtract reasonable selling costs.

I also discovered that despite research (likley poor research on my part) that getting situated and licensed would cost much more than I had expected.

Just my opinion, but if you only have 1 water heater/furnace, I think you should pay for it (charge higher rent to cover the cost.)

If I get 80 or even 75% cash out at refi I will have replaced my purchase and rehab costs.

The three most common approaches include:Cost approach: An estimate of the replacement cost less depreciationIncome approach: Calculation of estimated potential rental incomeSales approach: Uses comps of recent transactions on similar propertiesBe sure you are leveraging the tax incentives availableIdentify any applicable tax incentives available for commercial properties - historic tax credits in certain areas, opportunity zones, environmental sustainability, etc.Understand available tax deductions, credits, and rebates - Tax deductions decrease the taxable value of a property, tax credits directly reduce your tax liability dollar for dollar and tax rebates are a refund of taxes paid under certain conditions.Utilize a cost segregation study - Cost segregation allows you to reclassify assets into categories with shorter useful lives, therefore accelerating depreciation and creating tax savings.Leverage energy incentives and deductions - Look into the Section 179D deduction and how you can save on tax by meeting certain standards to make your property more environmentally friendly.Best practices for commercial real estate owners and monitoring their property tax regulations:Plan proactivelyWork with a professional to receive guidance on complex regulationsUtilize specialized software tools to drive efficiency and compliance.What questions do you have regarding property tax valuations?