Advice needed: investment strategy in the greater Seattle area

[Becky Y.]

Hi all, I'm a newbie to real estate and have been looking to get a buy-and-hold property around the greater Seattle area since beginning of this year with no luck, and I was hoping to get some advice ...

What I am looking for:

1. A buy-and-hold single family home in an A/A-/B+ neighborhood around the greater Seattle area with good schools that is not too anti-landlord. So far we've been looking at Shoreline, Edmonds, Lynnwood, Bothell, and the east side. 

2. Cap rate >=4% and monthly cash flow >= $200 with a 25% down 30 yr fixed conventional loan. 

3. Little to no update work needed. 

Questions:

1. Are we looking for a unicorn? Is Seattle the right market for this?

2. Is there something wrong with our criteria? What should we change?

3. Regarding criteria #3, I've been thinking a lot about it lately. We have this one because of fear of our own incompetence -- my husband and I both have demanding full time jobs with two very young children, AND we are newbies to RE, so we feel we are not capable of BRRRR. To do BRRRR, I need a partner. Where should I start?

Thanks all!

[Mike R.]

i would NEVER EVER invest in Seattle.  The politics is VERY UNFRIENDLY to landlords.  Look at Kitsap county (Bremerton, Port Orchard, Silverdale) as the new high speed ferry out of Bremerton is likely a game changer (commute into seattle from bremerton is 30 MINUTES!!!).