While a western WA deal might not meet some Midwest cf metric like 1%, it will be above the market cap rate or below FMV of comparibles and give you options. 

2) What is the average rent in this market and how does your asking price compare?

Though I would caution you on hard money lending until you understand the industry a bit better, that can be very rewarding but you have to be able to do your due diligence on deals because you're turning over your hard-earned money to an individuals project, often a flip. 

I would use an experienced broker who can shop around and help you compare best terms on a National basis.

An appraiser is not going to use single family homes on the appraisal if they do the bank/lenders Underwriter 100% will ask for more comps that are mobile/manufactured to be compared to subject property.

Hey @Josh H. it's higher risk and def also higher reward.

I truely believe that you shouldn't keeping waiting for the "right time to invest" the sooner you invest the sooner youll be able to reap the long term rewards.

If it's a fixer upper you would account for the rehab and purchase price then compare against the ARV.

Not every investor is willing to take on properties with these kinds of challenges, but if you can make it work, the rewards are huge.

The reason I ask is that specific performance is rarely granted as a remedy in my experience (not a lawyer, just do some transactions) unless a monetary reward isn't enough to make the buyer whole because the buyer truly can't find a different property to meet their needs.