Seattle Newbie Investor

[Jordyn Bash]

Hi there,

I am looking currently looking at the Seattle market for my first property, ideally a 1bed 1 bath apartment. 

I would be living in the unit after purchase, but am hoping to eventually rent out. Running some quick numbers on available listings, I’m not really seeing a whole lot of cash flow opportunity on any potential listings. 

Would you recommend a STR strategy in this market for the type of unit I'm looking for? Or are investors purchasing this type of property primarily for the appreciation potential? It looks like with my estimated monthly payments would be relatively close to the average rent.

Any tips and or resources are welcome as I am very green. 

Thanks in advance! 

[Jordyn Bash]

Thank-you everyone for your responses. The input is greatly appreciated as I try to navigate this for the first time. 

I was by no means expecting to get significant cash flow off of an apartment in Seattle, the intention was more for the long term appreciation/tax savings. However, after running the numbers it appears that I would be in the negative for most units, which will not work. This will hopefully be my first of a few income properties, so I don't want to drain my savings hoping for the future.

Does anybody have any insight on Portland or Bend? I've heard that PDX is even tougher than SEA on landlords. I am also aware of how high taxes are in Oregon, I have an appoint with a CPA to discuss the ins and outs of taxing income properties this week. That being said, the prices are much more approachable for new builds/multifamily. My partner and I also frequent both cities, so it would be a convenient first location.

I have just started looking into out of state locations and am blown away by the prices in Texas, Idaho, Florida etc. But the idea of buying my first property out of state seems daunting. 

If anyone has anything to share regarding any of the above topics it is more than appreciated. I've done some key word searches through the BP blog and have found some helpful posts thus far, also reading one of their books and listening to the podcast. But any article links or personal experiences are greatly appreciated!

Thanks again everyone.