“After rents increase in 5-10 years, the cash flow on this would greatly outweigh any investment options.”

What makes you think rents will rise in 5-10 years? What if they don’t?

I’m not saying that rents won’t rise (after they drop significantly) but it sounds to me like you are trying to rationalize a purchase rather than rationally analyze a potential investment

“greatly outweigh any investment options” – again, sounds like you are trying to convince yourself that buying a depreciating asset in a market where both prices and rents are declining somehow makes sense