Is 6% cap rate normal now for MFH? MFH+FHA = Where?

[Esteban I.]

Hey everyone,

So, I need your opinion/life guidance on two MLS "deals."

Ones an expensive triplex in Seattle Area, where I currently work at, and *kind* of want to invest. I'm not a fan of the PNW being from the east coast but my current job is in Seattle and is semi-remote friendly. I'm on my 2nd year in the area and sick of renting/dealing with land lords in King County. The job market in Seattle is strong, and it's exhausting to find a good place to live - both options are affordable and I don't have any liabilities. 

Triplex - Northgate area, been listed for a few months, let's say 775k. Two 2 Bedroom and one Bedroom (where I'd live). cap rate of 6% is met with all three being rented at market rate, but drops when I self-occupy (which is okay.) I'm looking at $1750, $3500 gross for renting out both two bedrooms minimum and living in the one bedroom unit- (where it's about $1500/month for a 1BR). With the addition and final building of the link/train connector in northgate, property value may be solid, but I just think 775K is high to play landlord - but affordable alternative compared to $1500/month for a studio/1BR rental) 

Then, in Tampa, Florida area, duplex. Two, One Bedroom units Maximum rent is about $950-1150- it's right by a university and main artery connecting downtown to another business district and a hop from the local highway. They're about 275k'ish (A local comp I missed last year a 2x 2br duplex for 305k)

I operated an airbnb in Tampa for 3 years and it's an easy $80/night for entire place or $950 minimum for standard lease. I continue to operate airbnb's elsewhere in the world for income/place to crash but it's a bit different looking at a mortgage vs a standard lease liability. Airbnb in Seattle is changing and the norm seems to incorporate an LLC, get a license to operate, register the unit w/ the county and manage the airbnb from that instead where in FL it's pretty much list it and you're good to go. Cap rate is the same, 6%'ish.

One side of the deal is buy where I "work", and yes, I can walk away when I'm done w/ the area, but I'm not sure how much longer I'll be in the area and another year to throw $18,000 is eh. Plus the PNW is a tech hub, the next San Francisco in many ways for tech companies so having a triplex is a nice hedge for the future as housing will be tight. 

Florida is Florida, I like the state, I grew up there and I know the area well and have no shortage of resources to help w/ DIY, renting, airbnb, etc. Tampa is transforming, but no where near the density or tech hub that Seattle is - case in point, my job pays 3x in Seattle then it would in Tampa. 

Other data points: 28, 150k/yr salary, 770 credit, no debt.