Leave those money pits to historic societies that don't care about money. 

I feel more comfortable owning properties (even if cash-flow negative temporarily) in the major urban markets.

That's where we're at as a society -- hyperconsumerism mind control has gone so thoroughly in that the idea of figuring out how to get the jackboot of financial dependency off your neck frightens loan officers.

Most, if not all people who buy out of state and have a bad experience can eliminate or greatly reduce their bad experiences investing out of state by doing the following Don't buy in the roughest neighborhood in the urban core.

No car.. don't bother.. unless you become a commercial agent that works in a certain sector with a large firm in a large urban area where you can manage walking or taking efficient public transit.. 

Don't buy in the roughest neighborhood in the urban core.

Plus, people like being close to the urban core - and to be able to walk to shops, restaurants, bars, etc - so I would recommend being close to walkable areas like Downtown Tacoma or different business districts in the area that offer the walkable vibe. 

Keep in mind we could lose our money or some of it.. but land in our area which is controlled by urban growth boundries and is within 11 miles of the tech center and the 117 acres is in the tech center.. risk while there are computed going into it.. 

The main reason is rent growth has exploded in the three major urban cores Oakland, San Jose and San Francisco since 2010; averaging 6.25% YoY according to RealPage. 

If only someone could find a way to build housing that the majority of the market is demanding (currently being supplied by older C and B class assets) they would solve a major economic/society issue and become enormously wealthy.