There is so much competition it drives prices down.

Crime rate seems quite high, so understand the area is so important there, it seems.Any advice and thoughts is appreciated, and looking to start a great team there to get the ball rolling.  

"The price is accurate and it is so low b/c we're new to this and want your honest feedback on the space - what can we do better, what do we do well, etc..."

Ryan is so right, and this is a good one!

The only reason I'm looking at multi-family is so I can house-hack and live in one of the units, which means that I will have one fewer unit to collect rent from.

I think knowing your worst case scenario is so important, but you may not always see the worst case. 

I suspect the way that you are being advised is so the mortgage holder does not see that the ownership has changed.

The other space is paying about $260 per month for property tax as it is.

The other space is paying about $260 per month for property tax as it is.

I think this is why tenant screening is SO important.As someone else mentioned above, no one cares like we care and therefore that means we must take total responsibilities for our properties.I forget the guest on BP, but he did offer gift cards for children who got straight a's or gift cards for birthdays or special holidays, that I do feel is a great idea, because it shows your tenant they are more than just a $$ in your eyes