I treat it as an add on and I can raise rent with 30 days notice if they use more than the historic average.  

(In the British Columbia interior , Canada) I have a full time job (which requires frequent trips) so my strategy isn't single family homes.

The historic homes in Anacortes really call to me...

If youre interested in "historic" homes at value prices this is a great area.

The bank/lender will ask for all the financials on the property, check the income verse expenses, and many different aspects regarding the building a the project income and the historical treads in the area of the deal.You will not have to provide pay stubs, credit checks, employment checks, debt ratios, or anything the banks do while looking at a SFR deal.

One of the main reasons I have upgraded to an paying member of BP was because of the marketplace, and since the upgrade I have posted 3 property I had for sale here in Toledo, Ohio... (1) A multi unit that I sold through social media marketing (2) A SFH in a B- class working neighborhood that I told my mentor about whom ended up buying it(3) A Large 5bed 5bath home in the Historic Old West End (an A class neighborhood) that I have yet to sell but a local couple (that again seen it on another site) whom is pre approved plans to put it under contract after they learn more about the FHA 203k loan process.Now with other marketing sites I got a email or a call on each of these listings from investors EVERYDAY but I have yet to have any serious inquires about any of the 3 listing besides a few other noses/curios local investors that just wanted to check out the new competition in town lol.

It's in a historic mansion on Drexel Blvd and 2 blocks from the Obama's house.

All the factors and above and more need to be considered and compared to historic norms.

My long time friends parents owned a house here in the historic district since the 70's.

You are correct re: last 5 to 10 years but all locations have cycles and helpful to understand where in the cycle you are and just understand that if you believe you are in the later innings based on historical averages of the complete cycle does it make sense to jump in or not or find better markets in different parts of the cycle.