It's old and I worry a bit about the walls falling down during Seattle's overdue earthquake.

And make sure to account for the following expenses:1) Mortgage 2) Mortgage insurance (PMI or MIP) or FHA Risk base3) Property Taxes 4) City Taxes5) HOA (Home Owner’s Association) Dues and Fees and Assessments 6) Insurance  a) Property Hazard Insurance  b) Flood Insurance   c) Earthquake Insurance   d) Umbrella Insurance7) Vacancy Rate (usually 8% - the equivalent to one month a year, or 5-6% if multifamily and/or if experienced, if not use 8%)8) Utilities (you’ll have these if your tenant is not covering them and/or during vacancy)  a) Water § Sewer § Garbage  b) Electricity c) Natural Gas d) Propane9) General Maintenance (usually 5%)  a) Upkeep § Landscaping  b) Snow removal  c) Repairs   d) New Appliances 10) Capital Expenditures (usually 5%, higher is the property is old and obsolete, less if fully rehabbed and all mechanicals and roof are new)11) Property Management (8%, even if you self manage, your time still has value and there might be a time when you'll want to be completely hands off or you'll not be able to do it, vacation, retirement, etc.) 

. - Earthquakes - If STR doesn't work, we're on the hook for a big monthly payment. - VERY hard to find a house that fits...2.

Have you confirmed there is not earthquake retrofit needed?

@Abby Ley Flipping in Chch thees days is mainly done by people who specialize in earthquake damaged homes.

For me though 08 to 2011 was an event I never saw in the previous 30 years in the business there was some regional blood letting.. many don't realize but the SF bay area right after the earthquake and war some high end homes dropped 50% even in the pristine areas.. so its happened.. but on a national scale 08 hopefully was a once in a lifetime event. 

As a bonus that is less than 2 miles from the riverfront, oh and isn't subject to earthquakes, hurricanes, random fires, and has a access to the largest freshwater supply system in the WORLD.

Denver is 5,276 feet above current sea level.Some believe California will have an earthquake and slide into the ocean, making Arizona have ocean front property.The lowest point in Arizona is 70 feet above sea level. 

I remember the airport shutting down after an earthquake and feeling locked in.

For example, evictions can be generally be accomplished in under 30 days at a cost under $500.00.We have lots of land to develop and grow, keeping the cost of development reasonable.Our water allocation is solid and deemed to be dependable with multiple sources.Arizona has a very low risk of natural disasters such as earthquakes etc.In the portfolio of properties I manage I currently have zero vacancies, April rents were paid in full by the 9th and May rents were paid in full on the 8th.