Katy, Cypress, Spring, some parts of Houston, Conroe, Tomball, Pearland are great markets.These cities tend to command quality tenants, and they have great schools.Good Luck!

The good ones will charge more for their services because they can command that.

The property themselves will be upgraded in 3 phases and will command even more monthly income plus huge equity build.

My rentals aren't below $1k and given all markets differ, in this one, the range of $1300+ is one that commands a good tenant, all things being equal with good credit and a bank account.

TK operators sometimes sell a property to investors below market value so that the property will offer an adequate ROI given the rent it commands.

For example, 1) the degree of the managers fee can vary and has an impact on the IRR (the smaller the fee the higher the IRR, all else being equal); 2) the profit share percentage of the syndication manager is not equal across all deals; 3) investor prefs can boost their IRR; etc.Typically, a newer more inexperience manager will not command a high management fee nor a high profit split percentage. 

So, I also have been trying to make some cents of this.. you can find 4 plex's and 8 plex's selling for $130k per door (+- 800 sq ft) in a market that will pay up to $300 per square foot for 1 bed 1 bath homes (300 x 800 = $240,000) 2 bed @ 215k, 3bed @ $211k and 4 bed @$193k  found here  http://www.trulia.com/real_estate/Highlands_Ranch-Colorado/market-trends/Thus, the problem is why build a small apartment complex on open land that may command $150k per door with fewer exit strategies and smaller group of buyers, when you  can build townhomes with similar footprint, with a similar door count, a much higher sales price per door, multiple exit strategies and the whole population is your buyer. seems to me the most equitable use of soil would be to build 3 stories with the first story being single floor unit and 2nd and 3rd floor being a 2 story townhome type or condo look to allow for individual sales and possibly sell the vertical units as live in one and rent the bottom.... ah that was a cool thought  ...  

As far as your advice of selling it now I would suggest instead maybe the possibility of treating as a Short Term Rental to command higher rents.Also, -250 a month to own an asset that will increase in value by inflation and be paid off primarily by someone else is still not a bad investment... 

Some cities require it so it is something you should look into if even considering it.I would generally say no, but if I had a somewhat dumpier house and could command above market rents to compensate, it is something I would consider if I was having trouble finding good candidates and that was the only concern. 

Napoleon Hill tells the story of a commander burning the ships they arrived on so that the men would fight harder than ever with no means of escape.