It will be highly dependent on the district and licensing.

Low cost + high rent/value ratio.My market of Middle TN doesn't have any livable property for that price and the 1% rule isn't very realistic. 

Past performance is no indication of future returns.EDIT - Ok so I just did a quick scan of the greater Tacoma area and right now you valuation seems high at 1.4m.

Recognizing their critical role, the Best-Performing Cities (BPC) index evaluates the relative economic performance of 403 metropolitan areas, providing valuable insights into the strengths and vulnerabilities of these economic powerhouses.The BPC index utilizes 13 key metrics, combining labor market conditions, high-tech industry growth, and access to economic opportunities.

Most often owners have too high of expectations for C/D neighborhoods.

Having toured some of the most prestigious, expensive and historic estates and properties from Brookings to Astoria, there is still considerable investment opportunity at the very high end of the luxury market.

With that said, I've done some research on the market and found the following information helpful in my considerations for Phoenix that you might find helpful as well:  Demand for both buying and renting property remains high due to the city's strong economy and growing population. 

You still claim the income as miscellaneous income and deduct property taxes and mortgage interest (subject to SALT and other high mortgage limitations) on your Schedule A, but that's it.2. 

I'm an experienced project manager with hundreds of cradle-to-grave efforts under my belt, including building project scopes and budgets, evaluating contract proposals, and managing construction to maintain the delivery of high quality products on-time and in budget.Penny is a licensed clinical social worker (LCSW), serving the community mental health needs of parents, children and families.We both recognize we have an immense opportunity to serve our community and want to capitalize on the blessings we have been provided so that we can continue serving our neighbors.My wife, Penny, and I are looking to transition into commercial multi-family real estate in 2025.

Especially in a high interest rate environment where cash flows on long term rentals are muted and there is significant capital required to purchase and list on airbnb.I live near NYC but would invest out of state in an airbnb / landlord friendly state.