Low rents could indicate that renters don't like the layout, although there are many reasons for low rents, conditions, and bad management will also lead to low rents. if you like it and its cash flows make an offer that you can't pass up and see what happens.  

Wondering how to do what you did regarding appreciation, still being able to manage the costs if it is a high value property, which of course it would also be in BC - the changing zoning here in BC is interesting, and we are seeing people buying the single family zoned properties simply because there is no more land here on Vancouver Island.

Hello @Jake BakerI've a great property management company which does a great job with Appfolio, which breaks downs cash in, cash out and expenses.

I’m looking for a property manager in the area that also deals with short term rentals such as AirBnB and VRBO. 

I think Joe Sera is on this site, but he is at : Joe Sera, Vice President  Sera Capital Management, LLC.  

Then create an S-corp to "manage" the properties.

I have one rental property in Kent, WA where I have a property managing company doing the heavy lifting for me.

You should align youself with a more experienced investor/manager. 

I self-manage, so that probably helps too.

Managing for others' existing listings?