Assessing "good" deals in the Seattle area
I'm looking for SFR and duplex rentals with little to no remodeling that I could house hack in the South Seattle neighborhoods (Columbia City / Beacon Hill / Georgetown). My budget is ~7% down on 500k-700k and this would be my first property. Given these parameters, what numbers would people consider a good rental investment? After calculating numbers on quite a few properties, I consider to be a "good deal" to be: ~7% CAP rate, ~8 yearly CoC ROI, and any positive cashflow (this is total rent after after I no longer live in the property). In the end it seems like not a very good deal after all. I know people are finding better deals than this. However given my budget and location, maybe better deals aren't there. Maybe I'm just not looking hard enough?
Note: For my calculation I'm using the method mentioned here: https://www.biggerpockets.com/renewsblog/2013/01/1... This doesn't include expenses like CapEx or Utilities.