High Value home but lower rental market
I am new and have only just begun my research and looking for deals. My issue is that the average SFH is $650000+ and duplexes can be $700000+. If we typically want to shoot to have rent be 1% of the mortgage, how am I supposed to be able to rent something out for $6500 minimum (whether for a single family home, or split between units in a duplex)? My rental market averages $2500 for a basic but nice house, 2+ bedroom apartment or townhome. What are my options in this ridiculous market?
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@Daniel Lambert, investing in Seattle works out but with some creativity like Split level homes, rent by room, airbnb, ADU, DADU, ....
I am an investor my self here in the greater Seattle area. Feel free to reach out if you needed any help!