@Sergey Pshenichkin It does not sound like she has an ideal situation to be purchasing a rental property...maybe focus on personal debt pay down for a while and continue to work her W2 job until she reaches a higher income.Increase income --> Decrease expenses --> Build credit --> Build savingsThen revisit this possibility.

This calculation also assumes that personal exemption and itemized/standard deduction weren't used to further decrease the income.It appears the gain will be a lot lower resulting in a lower tax. 

Lower your numbers and decrease your risk.This might be to low for a bank to invest so maybe look for a  property around $100,000 kicking off $1300 in cash and you will be happy too.

I have no idea what the next congressional budget cycle will hold, I have no idea how that could increase or decrease the number of people on the base, etc. 

Try to look at publicly traded real estate developers, they may disclose some similar project budgets, but be aware that doing a project of that scale requires and lot of political connection which may increase or decrease your cost.

You may need to decrease your rent until you get more interest. 

The new 200 unit building and the decrease in enrollment would be two major concerns. 

However, if you plan to sell it in 2019; you have to decrease the basis by the depreciation you took(or should have taken) on your tax returns.

By the same token, I don't believe your repairs and maintenance expenses would decrease because you are charging a lower amount of rent per month. 

This will decrease your stress levels and elevate your belief that you are able to be an investor and do this business.