Those are some HEAVY losses considering the time periods involved.
BTW, if the “it’s not a total loss because of rent” line comes up again you might point out that a low interest loan throws off a lower tax writeoff; the market rents are only about 1/2 – if that – of what the mortgage + tax + insurance + HOA fees are. That 50% of the mortgage times 24 months equals an entire year’s worth of payments included in the loss, and that’s if the unit really was rented the entire time. Some of those losses could add up to be 75% more than just the difference between the sale prices.