We have three locations currently and we rent all three spaces. 

However, if the location of your apartment is not in a top-class neighborhood where your first-class tenants want to be then I don't think its worth it to get an agent.

Main Water shut off not located on  the meter.

Dan Williamson that was a great idea and I looked into doing that but this location is kinda out of the area of off campus housing .

That may be exactly what I'm looking for, going to check out the Bronx location in the next week or two.

I Think this will be specific to your location.

I realize location is key when focusing on short term seasonal rentals.

I could tease this out more, but the main reasons are 1) a down economy, 2) an emerging economy, 3) AAA property locations, 4) lack of credit available, and 5) historical buildings (very sturdy construction, 3-4.5m ceilings, etc) that are very undervalued at the moment for mostly aesthetic reasons that can be fixed quite easily.

Where is it located? 

I would like to keep moving forward and find a deal, but I would also like to see if I can locate a partner who will be willing to help with the down payment  and share in the proceeds.